Receding from last week’s two-month highs, oil prices fell more than two percent on Monday as a result of thriving Chinese fuel exports, an increase in Iraqi and Nigerian crude shipments and a rising oil rig count within the United States.

In July, China’s diesel and gasoline exports rose to 181.8 percent and 145.2 percent, respectively, from the same month last year. According to Reuters, the growth put pressure on refined product margins.

Other factors weighing on the market include the addition of 10 new U.S. rigs last week, Iraqi plans to increase exports of crude by 150,000 bpd this week and an announcement by a Nigerian militant group that it was ready to cease fire on oil facilities in the Niger Delta and parley with the government.

Learn more: Reuters > Oil down 2 pct as rally snaps on rising crude, China field exports