Summary
Oil prices extended losses on the back of Libya's oil production coming back online and a persistent weak demand in China.
Global benchmark Brent slipped 0.57% to $73.33 a barrel, while U.S. West Texas Intermediate futures fell 0.65% to trade at $69.88 per barrel.
Oil prices extended declines during Asia trading hours, after a report that Libya's oil production was set to be restored pressured prices overnight.
OPEC+ plans to raise output amid weakness in China's economy have also been dragging prices lower.
The slide in oil prices is the culmination of several events, said Andy Lipow, President of Lipow Oil Associates.