Oil prices fell on concerns over the global oil oversupply. According to a senior Iraqi official, the country plans to boost its oil output to around 4 million barrels a day this year, up by around 200,000 - 300,000 barrels from current levels.

Saudi Arabian Oil Co. (Saudi Aramco), the state-owned oil producer, Chairman Khalid al-Falih said on Monday that the company will not cut its investments despite low oil prices, adding that the company formulated a new strategy. Al-Falih pointed out that the company can sustain low oil prices for a very long period.

The Organization of Petroleum Exporting Countries (OPEC) Secretary-General Abdalla El-Badri said on Monday that the oil market will start to balance this year. The OPEC expects the oil demand to rise to about 1.3 million barrels a day this year, while output of non-OPEC members is expected to drop by about 660,000 a day. El-Badri noted that OPEC and non-OPEC oil producers should cooperate in balancing the oil market.

WTI crude oil for March delivery declined to $30.76 a barrel on the New York Mercantile Exchange.

Brent crude oil for March decreased to $30.93 a barrel on ICE Futures Europe.