Singapore, – Oil prices decreased by 1% on Monday, triggered by rising production just after last week’s deal between the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC member Russia to cut output in 2017.

International Brent crude futures were trading at $53.95 per barrel at 07:51 GMT, down 51 cents, or almost 1%, from their last close.

West Texas Intermediate (WTI) crude futures were at $51.18 a barrel, down 50 cents, or 1%.

Last week, OPEC announced to decrease its output by 1.2 million barrels a day and was able to receive Moscow’s support to cut its output by 300,000 barrels a day in early 2017.

Source: Qatar News Agency