West Texas Intermediate futures for August delivery declined to $51.12 (+0.75%); Brent crude fell to $57.02 (-0.14%) after sources reported that Saudi exports fell to a five-month low of 6.935 million barrels a day despite record high output of over 10 million bpd. In April the Kingdom shipped 7.737 million bpd.

Meanwhile Baker Hughes Inc. said that U.S. producers cut seven oil drilling rigs last week.

Russian Energy Minister Alexander Novak and OPEC Secretary-General Abdullah al-Badri will meet in Moscow on July 30 to discuss oil markets and Iranian situation.