U.S. West Texas Intermediate (WTI) crude declined $1.83 to $65.80 a barrel, a 2.7 per cent loss.

Oil rebounded early from the previous session's slide, supported by gains in equity markets, but pared gains at mid-day as the USA dollar index touched its highest since late June 2017.

Oil prices moved sharply lower on Monday after data suggested inventories at the USA crude delivery hub rose in the latest week, compounding worries that troubled emerging markets and trade tensions will dent the outlook for fuel demand.

Turkey's financial crisis has raised the risk of contagion throughout emerging economies, dragging down South Africa's rand, Argentina and Mexico's pesos and the Russian rouble.

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Signs of slowing economic growth and lower fuel demand increases, especially in Asia's large emerging markets are weighing on the oil markets. Riyadh told Washington in June it would increase output in attempt to make up for Iranian barrels taken off the market by USA sanctions.

The United States has started implementing new sanctions against Iran, which from November will also target the country's petroleum sector.

OPEC has modeled four different scenarios to quantify the likely impact of trade tariffs on the global economy and global oil demand.

"Discount is part of the nature of the global markets being offered by all oil exporters", IRNA reported the source as saying on Monday.

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In addition, OPEC reduced its projection for global oil demand growth for this year by 20,000 to 1.64 million bpd, while lowering the forecast for the next year by 20,000 to 1.43 million bpd.

USA energy companies last week added the most oil rigs since May, adding 10 rigs to bring the total count to 869, according to the Baker Hughes energy services firm.

Also on Monday, a monthly OPEC report showed oil production in Saudi Arabia unexpectedly fell last month from June.

"If 1 million bpd or more of Iranian exports go AWOL, the current fragile supply-demand balance will be upended, potentially sending oil prices above the May peak".

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As for Saudi Arabia, OPEC's largest oil producer submitted to the group its own data which showed that output slipped by 200,000 to 10.28 million bpd in July.