OPEC+ output curbs and the seventh straight decline in the number of oil and gas rigs in operation in the United States were overshadowed by concerns about China's economy, which caused global oil prices to slip more than 1% on Monday, reversing last week's gains.

Brent crude slumped by1% to trade at $75.83 per barrel, meanwhile WTI dipped 1.1% at $70.63.

Following the release of May data this week that revealed the post-COVID recovery in the second-largest economy in the world was stalling, several big banks lowered their projections for China's GDP growth in 2023.

Following a similar decrease in medium-term policy loans last week to support a weak economic recovery, China is broadly anticipated to reduce its benchmark lending prime interest rates on Tuesday.

According to Edward Moya, senior analyst at OANDA, oil prices are also down on Monday due to fears that OPEC and its partners, including Russia, or OPEC+, may find it difficult to enforce output limit compliance.