Oil dipped further on Monday as economic challenges impacted the forecast of the worldwide oil demand and countered the ongoing geopolitical Middle East worries, also an attack took place during the weekend on a Russian fuel export terminal.

Brent crude plunged by 23 cents to $78.33 per barrel post steading at 54 cents last Friday, meanwhile US WTI dropped 21 cents at $73.04 per barrel.

The prices of oil hardly moved regardless the drone attack at the enormous Russian petroleum export station by Ukraine. On Sunday, Russian manufacturer Novatek announced that a fire had caused it to halt part of its operations at the Baltic Sea facility.

International trade has been hampered by the attacks in the Red Sea and the Gulf of Aden by the organization associated with Iran.

This week's GDP report is anticipated to reveal that the U.S. economy has significantly slowed down, despite increased oil output and mixed growth prognosis for China and Europe.