Oil prices fall on Monday

Oil prices fell on Monday as signs indicated that the worldwide oil storage is filling rapidly.

U.S. West Texas Intermediate futures fell $1.49, or 8.8%, to $15.45 a barrel, while Brent crude was down 42 cents, or 1.96%, at $21.02 a barrel.

On April 12, OPEC, Russia and other oil producing nations agreed to reduce output by 9.7 million barrels per day (bpd) for two months, Argaam reported.

OPEC said it would ease output cuts between July and December by 2 million bpd and by further 2 million bpd between January 2021 and April 2022.