Oil prices drop on Monday

Oil prices fell more than 2% on Monday. U.S. West Texas Intermediate (WTI) crude futures declined 2.9% to $35.20 a barrel, while Brent crude futures fell 2.1% to $37.93 a barrel.

Last week, Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman said that Gulf OPEC members were not planning to extend voluntary cuts in oil output into July as they were for June only.

On June 6, the Organization of the Petroleum Exporting Countries (OPEC) and other producers, agreed during the 11th ministerial meeting, to extend the current oil production adjustments until July.

In April, OPEC+ agreed to reduce output by 9.7 million barrels per day in May and June.