Oil prices fell on Monday, with crude futures heading towards the worst monthly performance since mid-2016, after Russia hinted that production will remain high and amid concerns over the global economy, which has fueled concern about demand for crude.
Brent crude futures fell 28 cents to settle at $ 77.34 a barrel, while US WTI futures fell 55 cents to $ 67.04 a barrel.
Brent crude is down about 6.6 percent over the month, while US crude is heading down around 8.5 percent. The crude is the biggest monthly loss since July 2016.
Industrial raw materials, such as crude and copper, were hurt by heavy losses on global equities due to worries over corporate results, concerns about the impact of rising trade tensions on economic growth and the dollar's rise.
The dollar index, which measures the performance of the greenback against a basket of major currencies, was boosted by strong data on consumer spending in the United States. The rise in the dollar increases the cost of commodities denominated in US currency to holders of other currencies.
