Oil prices fall on Monday

Oil prices fell on Monday. U.S. West Texas Intermediate (WTI) crude futures fell $18.32 a barrel and were down $1.46, or 7.6%, at $18.27 at 0008 GMT. Brent crude futures were down 90 cents, or 3.4%, at $25.54.

U.S. West Texas Intermediate (WTI) crude futures fell as low as $18.32 a barrel and were down $1.46, or 7.6%, at $18.27 at 0008 GMT.

Brent crude futures were down 90 cents, or 3.4%, at $25.54.

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. Major oil producers, including Saudi Arabia and Russia, were set to begin cutting production on May 1.

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.