Oil prices were pushed lower on Monday afternoon after reports that Saudi Arabia and its OPEC allies were considering increasing production.

According to that Wall Street Journalan increase in production to up to 500,000 barrels per day was considered ahead of the December 4 meeting of the OPEC cartel and its allies.

It said the decision would come just a day ahead of a new European Union embargo on Russian oil and G7 plans to impose a price cap on Russian crude oil.

That WSJ

Read more at news.google.com