Crude prices fell on Monday as a government report revealed expectations for a rise in U.S. shale oil production for August, according to Bloomberg MarketWatch.
On the New York Mercantile Exchange, August West Texas Intermediate crude shed 52 cents, or 1.1%, to settle at $46.02 a barrel.
On the London ICE Futures Exchange, September Brent crude, the global benchmark, lost 49 cents, or 1%, to end trading at $48.42 a barrel.
In a monthly report released Monday prior to the WTI final settlement, the U.S. Energy Information Administration indicated it expects a rise of 113,000 barrels a day to 5.585 million barrels a day in August oil production from seven major domestic shale plays.
“U.S. crude supply is falling at a record pace and the drawdowns in supply do not look like it will stop anytime soon,” said Phil Flynn, senior market analyst at Price Futures Group.
Meanwhile, August natural gas settled at $3.02 per million British thermal units, up 4 cents, or 1.3%, on the New York Mercantile Exchange.