U.S. light crude for October delivery traded at $68.55 a barrel, down 64 cents from Friday's settlement price.
London Brent crude , which traded on Monday, rose 55 cents at $68.26 after dropping $1.44 the previous session.
"One of the most important reasons why oil prices have come down so much is because product support is so weak," said Eoin O'Callaghan of BNP Paribas. "Gasoline prices have sold off showing strong supply fundamentals in that market."
U.S. gasoline supplies have been more than ample to meet demand this summer driving season, which traditionally ends after the Labor Day holiday.
U.S. crude has slumped 11 percent in about a month and now stands more than $10 below its record high from mid-July.
"A seasonal peak in U.S. demand has passed and inventories remain comfortable," said Tobin Gorey of the Commonwealth Bank of Australia. "We think oil prices are more of a two-way street than they have been for some time: the buy first, ask questions later mentality is dissolving."
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