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A view of oil-well in action during sunset at Elk Hills Oil Field as gas prices on the rise in California, United States on April 14, 2024.

Oil prices extended losses on Monday with investors weighing higher OPEC+ production from October against a sharp drop in output from Libya amid sluggish demand in China and the U.S., the world's two biggest oil consumers.

Brent crude futures fell 57 cents, or 0.7%, to $76.36 a barrel by 0108 GMT while U.S. West Texas Intermediate crude slipped 50 cents, or 0.7%, to $73.05 a barrel.

The losses followed a 0.3% decline for Brent last week and a 1.7% drop for WTI.

The Organization of the Petroleum Exporting Countries and their allies, a group known as OPEC+, is set to proceed with a planned oil output hike from October, six sources from the producer group told Reuters.

Eight OPEC+ members are scheduled to boost output by 180,000 barrels per day in October, as part of a plan to begin unwinding their most recent layer of output cuts of 2.2 million bpd while keeping other cuts in place until end-2025.

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