Oil prices fell 1% on Monday, mainly due to concerns about China’s economic rebound and a stronger currency.

Brent crude futures fell 93 cents to $86.46 a barrel, while WTI fell $1.03 to $82.81.

The rebalancing is overdue, but may need a reality check in the markets.

OPEC+ has pledged to tighten supplies and stabilize markets.

The International Energy Agency predicted supply cuts by Saudi Arabia and Russia would reduce oil inventories and raise prices.

Nigeria’s Forcados crude oil exports resumed on Sunday, making Nigeria the second-biggest contributor to the July OPEC crude oil output decline.