Oil prices extended declines on Monday after two straight days of losses late last week as high production offset strong refinery runs, but a storm that could impact Gulf of Mexico operations supported U.S. crude.
Saudi Arabia, the world's biggest crude oil exporter, hinted late last week that it was ready to increase production above record levels to meet strong demand, if needed, sending down prices.
Momentum points to weaker commodity markets near term. Crude oil prices failed to hold at key resistance levels last week
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