Oil prices fell on Monday in Asia after recording their best weekly gains in a month last week.
U.S. Crude Oil WTI Futures traded 0.4% down to $58.59. Last week, the U.S. benchmark climbed 4.3%, its best weekly gain in about a month. International Brent Oil Futures were down 0.2% to $67.00 on Monday after recording a gain of approximately 2.1% last week.
Saudi Arabia's energy minister Khalid A. Al-Falih said on Sunday that he was optimistic about continued commitment to the oil supply cut agreement between OPEC and non-OPEC members.
The Energy Information Administration (EIA) reported that U.S. crude supplies unexpectedly fell by 3.9 million barrels for the week ended March 8. The EIA also reported that total domestic crude production inched down from record territory, down 100,000 barrels to 12 million barrels a day.
Source : Investing.com