OREANDA-NEWS. Monday oil process dropped below $63 per barrel as investors are eyeing plans by OPEC members Nigeria and Venezuela to cut extraction as well as high level of US reserves.

Last week Nigeria announced plans to cut oil extraction by 5% as of Oct. 1. Another OPEC member, Venezuela, is on track to reduce extraction by 50,000 barrels per day to counter falling oil prices. Oil prices fell very significantly compared with July’s record high of $78.4 per barrel. 

At 16.30 Moscow time Brent fell by 43 cents to $62.05 per barrel.

US WTI light oil went down in price by 43 cents to $62.48 per barrel.