Oil prices recorded a decline in early Asian transactions on Monday, as investors exercised caution ahead of the announcement of new economic data from the United States and China this week, while expected cuts in crude production from Saudi Arabia and Russia supported the market.
Oil traders may be cautious ahead of US consumer price index data and a group of Chinese economic data this week, said CMC Markets analyst Tina Ting.
However, she added that crude prices may rise after the OPEC + group announced its plans for further supply cuts.
