Oil prices fell in early Asian trading on Monday, as investors remained cautious ahead of upcoming economic data from the United States and China this week, while anticipated production cuts from Saudi Arabia and Russia supported the market.
Brent crude futures decreased by 0.3% to $78.25 per barrel. West Texas Intermediate (WTI) crude futures dropped by 0.4% to $73.57 per barrel.
Crude prices may rise following the announcement from OPEC+ regarding further supply cuts.
Saudi Arabia has committed to extending its production cuts of one million barrels per day until August, while Russia will reduce its crude exports by 500,000 barrels per day.
A government source told Reuters, "Russia will use crude to produce more fuel to meet local demand."
