Oil declines as Saudi Arabia may offer more supply

In spite of the fact that the US dollar is losing steam on Monday, oil prices remain under downward pressure as Saudi Arabia was said to offer more crude oil to its some customers. Notice that after prices reached their 3-year peak last month they keep decreasing. It stems from the fact that the OPEC members have been able to offset falling production coming from Venezuela (the long-lasting crisis) and Libya which has experienced temporary disruptions. Meanwhile, the US is purportedly mulling over a release up to 660 million barrels of its strategic reserves so as to take prices down. As of 1:00 pm BST WTI prices are falling 1.8% whereas Brent prices are moving down 2%.