West Texas Intermediate futures for October delivery fell to $47.62 (-3.21%), while Brent crude dropped to $42.57 (-2.92%) as investors took profits after yesterday's surge.

Yesterday OPEC said in an article that it is ready to talk to other producers to help support oil prices. Declines in revenues from oil industry in undiversified economies of Gulf countries could lead to "loss of much-needed revenue required from member countries' socio-economic development".

At the same time Russian President Vladimir Putin and the President of Venezuela Nicolas Maduro will discuss "possible mutual steps" to stabilize global oil prices when they visit China this week to attend a military parade in Beijing dedicated to 70 years since the end of World War Two in Asia.

The Energy Information Administration published revised data on Monday. Thus U.S. domestic oil production reached slightly beyond 9.6 million barrels per day in April, but fell by more than 300,000 bpd over May and June.