On Monday, oil prices continued to fall into a second session as China's second-quarter growth came in less than anticipated, raising concerns about demand in the world's second-largest oil consumer, while Libyan production began over the weekend.

Brent crude futures dipped 1.1% to $78.96 per barrel meanwhile US WTI slipped 1.1% at $74.55 per barrel.

According to figures issued by the National Bureau of Statistics, China's gross domestic product increased 6.3% year over year in the second quarter, falling short of economists' expectations for growth of 7.3%. This was the result of both domestic and international demand weakening as a result of the post-pandemic recovery.

According to NBS data, Chinese refineries processed 1.6% more oil per day in June than they did in May when they resumed operations following spring maintenance, which was consistent with the world's largest crude importer's robust purchases in May.

According to two sources on Friday, Russian oil exports from western ports are expected to decrease by 100,000 to 200,000 bpd in August compared to July. This is an indication that Moscow is following through on its commitment to new production restrictions alongside OPEC's top producer Saudi Arabia.