West Texas Intermediate futures for October delivery fell to $44.49 (-3.39%), while Brent crude climbed to $47.99 (+0.76%). Prices of U.S. crude have weakened since the closure of the largest crude distillation unit at Exxon Mobil Corp's refinery. Brent crude was not affected by this event. U.S. markets were on holiday on Monday.

Meanwhile Woodside Petroleum, Australia's biggest independent oil and gas producer, has made a $8.1 billion bid for Oil Search counting on future growth. If successful this deal would give Woodside a 29% stake in Oil Search's PNG Liquefied Natural Gas project. This would be a project of great vitality considering low oil prices around the globe.