Oil prices fell early on Monday as investors braced for a meeting this week between OPEC and other major producers on supply adjustments. Brent crude futures LCOc1 were down 63 cents, or 0.6%, at $103.34 a barrel by 0000 GMT. US West Texas Intermediate crude CLc1 was at $97.87 a barrel, down 75 cents, or 0.7%, after hitting $97.55 when trading began in Asia.

Both contracts rebounded by above $2 a barrel on Friday as risk appetite improved among investors. But Brent and WTI ended July with their second consecutive monthly loss for the first time since 2020 as rising inflation and higher interest rates fueled fears of a recession that could decrease the demand for fuel.

ANZ analysts say petrol sales to UK drivers are lowering, while demand for petrol at this time of year remains below a five-year average. In response, analysts polled by Reuters cut their 2022 average Brent price forecast to $105.75 a barrel and WTI to $101.28 for the first time since April.

5555 The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, a group known as OPEC+, will meet on Wednesday to decide on September output.

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