Oil prices made modest gains in early European trade on reports of disruption to newly restarted Libyan oil fields.
Crude oil were also recovering from more than a 5% decline from the previous trading session when Saudi Arabia announced it would end its voluntary crude production cut this month.
International benchmark plummeted 5.8% to close Monday at $40.80 per barrel, having traded at $41.21 a barrel at 06:02 GMT for a 1% gain.
American benchmark West Texas Intermediate (WTI) lost 5.4% to close on Monday at $38.19 a barrel, from trade at $38.67 per barrel at the same time for a 1.2% increase.
Saudi Arabia, OPEC’s de facto leader and the world’s biggest crude exporter, said Monday it would end the voluntarily curbing of its oil production by the end of June.
“Voluntary cut served its purpose and we are moving forward,” Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman said Monday in an OPEC+ press conference held via webcast.