Oil prices were about 1 percent lower on Monday as investors continued to await strong indications that an OPEC-led effort to drain a glut was proving effective but output increases in some top producers eased, keeping losses in check. Libya's national oil production stood at 1.03 million barrels per day (bpd), little changed from its level since the end of last month. U.S. drillers added two oil rigs in the week to July 14, bringing the total to 765, Baker Hughes said on Friday.

Rig additions over the past four weeks averaged five, the slowest pace of growth since November. Still, U.S. shale oil production was forecast to rise for the eighth consecutive month, climbing 112,000 barrels per day (bpd) to 5.585 million bpd in August.

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