Price action
By 0330 GMT, Brent crude fell 90 cents, or 1.14 percent, to $77.86 a barrel, and West Texas Intermediate crude fell 87 cents, or 1.17 percent, to $72.95 a barrel.
The two raw materials jumped by more than two percent in the first week of 2024 after investors returned from vacation to focus on geopolitical risks in the Middle East in the wake of the Houthi attacks in Yemen on ships in the Red Sea.
A Reuters poll revealed that OPEC production increased by 70,000 barrels per day in December to 27.88 million barrels per day, which outweighed the pressures of rising prices linked to geopolitical concerns.
Increased supplies and competition from rival producers prompted Saudi Arabia on Sunday to reduce the official selling price of its Arab Light crude to Asia to the lowest level in 27 months.
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