Doha: Oil prices experienced a notable decline as trading closed on Monday, with both major benchmarks registering significant losses.

According to Qatar News Agency, Brent crude futures saw a drop of $1.15, or 1.63 percent, ending the day at $69.21 per barrel. Meanwhile, US West Texas Intermediate (WTI) crude futures experienced a larger decrease, losing $1.47, or 2.15 percent, to settle at $66.98 per barrel.

Customs data released on the same day highlighted an increase in China's oil imports, which rose by 7.4 percent year-on-year in June, reaching 12.14 million barrels per day. This increase in demand from China provided some support to oil prices, countering further declines.