Oil hits multiweek lows on fears of growing supplies

Oil prices extended losses on Monday as Saudi Arabia and Russia said they may increase supplies while U.S. production gains showed no sign of slowing, according to Reuters reporting out of its London office.

U.S. crude futures were at $66.47, down $1.41, after hitting a six-week low of $65.80.

The Organization of the Petroleum Exporting Countries and other producers led by Russia began withholding 1.8 million barrels per day of supplies in 2017 to tighten the market and prop up prices that in 2016 fell to their lowest in more than a decade at less than $30 a barrel.

Prices have soared since the start of the cuts last year, triggering concerns that high prices could crimp economic growth and stoke inflation.

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