Brent crude futures, the global benchmark for oil prices, were at $78.05 per barrel at 0021 GMT, down 29 cents, or 0.4 percent, from their last close.
The other key development for global markets is the escalating trade dispute between the United States and China, in which both sides have threatened stiff tariffs on each others' key export goods.
The United States and China are threatening punitive tariffs on each other's exports, which could include oil supplies, resulting in stock market sell-offs on Tuesday.
Some traders are also saying that even if the increase covers the lost production from Venezuela due to economic issues and the reduced output from Iran due to the US sanctions, the rise in production may fall short of expectations if Iran, Iraq and Venezuela continue to produce at reduced rates.
US oil exports have boomed in the last two years as shale oil production has surged, with China becoming one of the biggest buyers.
Finally, investors are keeping an eye on China because it may follow-through on its threat to put a tariff on USA crude oil imports now that President Trump has threatened the world's second largest economy with about $200 billion in new tariffs.
The producer cartel of the Organization of the Petroleum Exporting Countries (OPEC), which is de-facto led by Saudi Arabia, and some allies including Russian Federation have been withholding output since the start of 2017.
Global oil demand will be revised downwards and as such oil will not be immune from all of the potential negative impact of worldwide trade wars.
They will meet in Vienna on June 22 to decide forward production policy.
Greg McKenna, chief market strategist at futures brokerage AxiTrader said there would likely be oil price volatility in the week ahead of the meeting.
"We share the general expectation that supply quotas will be increased, but probably more in line with the smaller range being quoted (300,000-600,000 bpd) given the lack of consensus amongst OPEC members", said Jack Allardyce, oil and gas research analyst at Cantor Fitzgerald Europe.
Energy consultancy Wood Mackenzie said the United States "would find it hard to find an alternative market that is as big as China". "We call upon our brothers in OPEC and Russia that we do not need to appease Trump, who sanctions two OPEC founders and also Russia", Kazempour Ardebili said.
The star striker has been directly involved in 11 goals in his past eight games for England (10 goals and one assist). Harry was sharper and brighter than everyone else, and his goal was exactly what we needed early in this World Cup".
Republicans control the House, the Senate and the White House. "It's time for this ugly and inhumane practice to end". The audio appears to capture the heartbreaking voices of Spanish-speaking children crying out for their parents .
But Beijing's mention of "comprehensive measures" suggests that it would go beyond tariffs, said Jake Parker of the U.S. Meanwhile, markets have responded poorly to Trump's tariffs play, dipping repeatedly with each new tariff announcement.
The quality of the shelters has come under criticism, but Nielsen insisted Monday that children were being "well taken care of". According to Politico , there were already almost 80,000 immigration cases involving unaccompanied minors as of March 31.
Marco Rubio, a Florida Republican, called on the secretary of the Army to remove Rapone from the officer ranks. Military experts say it's rare for an officer out of West Point to receive an other-than-honorable discharge.
The newborn baby girl was considerably heavier at birth than her big sister, Mia, who weighed 7lb 12oz when she was born in 2014. The royal couple met in 2003 and announced their engagement in 2010, before getting married in 2011.
The 20-year-old was apparently at a motorcycle dealership when a gunman approached him critically wounding him. He is now awaiting trial on domestic violence charges for allegedly abusing his then-pregnant girlfriend.
On the other hand, Egypt's majority of goals were from cross balls, so Russia's weakness plays particularly well in Egypt's favor. Hello and Welcome to the live updates of the first fixture of the second round of the group stages of the FIFA World Cup 2018.
Hunt told the BBC on Monday that he expects a review of medicinal use of cannabis to be completed with months. The immediate catalyst was Billy's mother, Charlotte Caldwell, who had to snuggle in the medicine from Canada.
Grief-stricken relatives waited for news, including one survivor who lost hold of her child in the confusion. But local officials said dozens of people are likely still unaccounted for almost a day after the sinking.
Invasive plant can cause severe burns, blindness
In Ohio, giant hogweed is typically found in northeast Ohio, especially in counties bordering Pennsylvania. It is illegal to propagate, sell or transport the plant, according to the Ohio State University Extension.
United States to pull out of UN Human Rights Council
Ambassador Nikki Haley are scheduled to talk about the Human Rights Council later Tuesday in remarks at the State Department. UN High Commissioner for Human Rights, Zeid Ra'ad al-Hussein, called on Washington to halt its "unconscionable" policy .
Russian Federation 0-0 Egypt in first half
At Egypt's recent training camp in Grozny, Salah reportedly required the help of his team-mates to pull on his top. While Russia coasted home with a 5-0 margin against Saudi Arabia, Egypt will provide a much tougher test.
World Cup match report Belgium v Panama 18 June 2018
A Belgium team packed with players familiar to Premier League fans begin their World Cup campaign against Panama today in Group G. Panama starting XI: Penedo, Murillo, Escobar, R Torres, Davis, Gomez, Godoy, Cooper, J Rodriguez, Barcenas, Perez.
USA plans to withdraw from UN Human Rights Council
Haley has been the driving force behind the latest move, which would be unprecedented in the 12-year history of the council. Trump is facing intense criticism - both domestically and on the worldwide stage - over that the policy .
Greece and Macedonia sign deal to end name dispute
Despite the dispute between Athens and Skopje, many countries, including Turkey recognize the country as Macedonia. But hardliners in both countries are furious at the deal, which they consider concedes too much to the other side.