Oil prices keep falling on possible supply increase

Crude prices fell for the seventh consecutive trading day on Monday as Libya is expected to increase crude oil supplies.

Libya's oil ministry said Monday that the country's largest and third-largest ports, Es Sider and Ras Lanuf, have 7.5 million barrels of oil ready to export, which pushed down the Brent to a three-week low.

Libyan production has been severely disrupted for a year as the rebels have blocked several oil ports. The two ports mentioned above were reopened last Wednesday for crude ship.

Oil prices were also under pressure as the violence in Iraq hasn't spread to the south, the source of most of the country's output. Iraq is the second-largest producer of the Organization of Petroleum Exporting Countries (OPEC).

Light, sweet crude for August delivery slipped 53 cents to settle at 103.53 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for August delivery lost 40 cents to close at 110.24 dollars a barrel.