"Everything is weakening, but from a pretty elevated level", said Jeff Brown, president of energy consultancy FGE.
Crude slid as economic turbulence in Turkey and the strengthening greenback heightened concerns about global oil demand.
In direct communications with OPEC, Saudi Arabia reported that its monthly crude production slipped by 201,000 bpd in July, meaning that it pumped 10.288 million bpd last month - lower than the 10.387 million bpd figure secondary sources compiled by OPEC show.
Oil prices dipped on Monday as rising trade tensions dented the outlook for fuel demand growth especially in Asia, although USA sanctions against Iran still pointed towards tighter supply.
The effects of the economic slowdown will take time to manifest, but analysts say investors are already becoming cautious. This was said to be due to weaker-than-expected oil demand data from Latin America and the Middle East in the second quarter.
Meanwhile, the US dollar climbed to a 13-month high against a basket of six major currencies on Monday, amid renewed financial turmoil in Turkey.
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In the absence of any significant fundamental developments today, global market developments are likely to be the biggest driver for crude oil prices.
"The high crude prices appear to have been taking a toll on demand", said Sukrit Vijayakar, Director of Indian oil consultancy Trifecta.
Distillate inventories added 3.6 million barrels last week, after a build of 1.2 million barrels in the prior week, with production averaging 5.3 million bpd, up by 100,000 bpd on the previous week. Iran has also started to offer cargo insurance to India, after another company named Hindustan Petroleum allegedly cancelled a crude oil shipment after the insurance for the cargo was denied by the insurer.
But the increases matter little when weighed against China's tanker imports, which fell from more than 8 million bpd during January and June to about 7.3 million bpd in July.
Despite these worries, the market will likely draw support from the introduction of USA sanctions against Iran, which from November will include oil exports.
BMI Research said oil markets would "struggle for direction, as uncertainty around both the impact on supply from the Iranian sanctions and escalating trade tensions between the USA and China persists".
Because of the conflicting factors in oil markets, McKenna said "I'm staying out of oil at the moment".