Oil prices went down on Monday as a result of increase in production in Russian and the US to the highest level in more than three year, Reuters reports.

Analytics expect that rise in US output will soon overlap OPEC’s efforts to curb supply that the organization has made since the beginning of 2017 and that caused significant increase in oil prices in the first half of this year.

Brent futures costs $76,21 a barrel today. It is 0,3% lower than yesterday’s closing price. WTI futures fell by 0,3% to $65,52 a barrel.

Another increase in quantity of oil rigs in the US put downside pressure on prices. Number of oil rigs is 862 now, and it is the highest since March 2015. It means that record output of 10,8 million barrels a day will grow further.

According to JPMorgan, significant increase in output shall be expected in 2019 on behalf of non-OPEC countries leading by the US, Russia, Brazil, Canada and Kazakhstan.

Meanwhile, production in Russia, which is the largest world producer, rose in the beginning of June to 11,1 million barrels a day. It is higher than the level set within agreement with OPEC. Russia produced less than 11 million barrels a day most part of May.