Oil price slipped by over $1 to settle below $56 per barrel on Monday.
Brent was down by $1.03, selling at $55.76 per barrel.
According to market reports obtained by SweetcrudeReports, the drop was as a result of rise in U.S. drilling and increase in output from members of the Organisation of the Petroleum Exporting Countries, OPEC.
Additional reports from Reuters showed that while U.S. oil companies added oil rigs for the first week in seven, Iraq announced its exports rose slightly in September.
Oil traded as high as $59.49 last week, almost $60 required by mostly OPEC members for their economies to thrive.
“I think it’s going to be a struggle to move above $60 Brent,” said Olivier Jakob, oil analyst at Petromatrixtopics from