Oil prices declined on concerns over the global oil oversupply. There are no signs for an emergency meeting to stabilise the oil market.

Venezuela's oil minister Eulogio Del Pino and Saudi Arabia's oil minister Ali al-Naimi met on Sunday. Both oil ministers said that the meeting was positive.

The oil driller Baker Hughes reported on Friday that the number of active U.S. rigs declined by 31 rigs to 467 last week. It was the biggest drop since April 2015 and the lowest level since March 2010.

Combined oil and gas rigs declined by 48 to 571.

WTI crude oil for March delivery declined to $30.51 a barrel on the New York Mercantile Exchange.

Brent crude oil for March fell to $33.68 a barrel on ICE Futures Europe.