Oil Prices: More Than $2.20 Below Last Week Peak

U.S. oil prices decreased almost 1 percent on Monday, when Saudi Arabia insisted on an 8-11 percent rise in supplies from the OPEC to ease the oil prices.

U.S. light crude sank to an intraday low of $39.48 a barrel, after Saudis announced they were going to increase more than two million bpd to OPEC flows.

At 0050 GMT, U.S. crude had recovered some losses to stand 29 cents down at $39.64 a barrel.
It is more than $2.20 below the level of last week, $41.85, the highest level since U.S. crude futures were launched in 1983.