Yuan-denominated oil futures on the Shanghai International Energy Exchange lost 2.8 percent to 405.5 yuan a barrel. The September delivery contract closed 0.9 percent lower on Monday after debuting last week. U.S. crude inventories are estimated to have added 2 million barrels last week, according to a Bloomberg survey before Energy Information Administration data due Wednesday. The nation’s oil production had also increased for a fifth week in the period ended March 23, hitting a fresh record. Click Read More below for additional information.

Futures were little changed in New York after rising 8.3 percent the previous seven sessions. U.S. drillers targeting crude reduced the number of active rigs for the first time in 24 weeks, according to Baker Hughes Inc. data on Friday. Libya’s oil production climbed to more than 1 million barrels a day for the first time in four years, according to a person with direct knowledge of the situation. While prices surged last week, oil in New York and London still posted a monthly loss in June after tumbling into a bear market on concerns that rising global supply will counter cuts from the Organization of Petroleum Exporting Countries and its partners. There are signs of a slowdown in the U.S., but Libya is adding more oil to the market as it restarts fields that are exempt from OPEC’s production curbs. Click Read More below for more of the story.