Oil with a one-month minimum on Monday

Oil fell to a one-week minimum on Monday after several OPEC energy ministers and off-cartel oil producers met to discuss oil production. Expectations, however, are that we will hardly see any more serious cuts beyond the current ones.
Brent futures, with delivery in September, fell by 18 cents to 47.88 dollars per a barrel. Crude oil prices lost 2.5% on Friday after forecasts for OPEC production growth in July.
US crude oil, with delivery in September, lost 20 cents of its value to a level of 45.57 dollars per a barrel.
Several oil ministers from OPEC will meet with producers outside Russia in St. Petersburg to look at the manufacturing situation.
Saudi Arabian Energy Minister Khalid al-Falih said the meeting would not consider larger production cuts in OPEC but would discuss production constraints on Nigeria and Libya.
Both countries were excluded from manufacturing cuts, recovering from years of crisis.
OPEC and Russia agreed to cut production by 1.8 million barrels per day from the beginning of this year to March 2018. According to Russian Energy Minister Alexander Novak, the deal has helped the market get rid of nearly 350 million barrels of extra production.