"The reaction by the market is likely taking off or tapering the geopolitical risk premium on oil for now," said Rohan Reddy, head of international business development & corporate strategy at Global X Management.
Crude prices have been on a roller coaster in recent weeks as traders tracked the outlook for escalating conflict in the Middle East and the potential impact on oil supplies.
Futures declined on Monday after China's highly anticipated Finance Ministry briefing over the weekend lacked specific new incentives to boost consumption in the world's biggest crude importer.
OPEC joined a chorus of others projecting weakening demand growth, trimming its forecasts for this year and next for a third consecutive month.
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