Oil prices decline on Monday

Oil prices fell on Monday. Brent crude futures were down 0.53% to $37.64 a barrel in the morning, while U.S. West Texas Intermediate crude slipped 0.51%, at $35.31 a barrel.

In May, Saudi Arabia said it would cut production by a further 1 million barrels per day (bpd) in June, slashing its total production to 7.5 million bpd, down nearly 40% from April.

The energy ministers of Saudi Arabia and Russia also said in a joint statement last month that both the countries are firmly committed to achieving oil market stability and expediting the rebalancing of the market.