Oil prices dropped further on Monday morning after falling on Friday and last week, Report informs via Interfax.

April Brent futures fell in price on the London ICE Futures exchange by $0.29 (0.36%) to $81.33 per barrel.

On Friday, Brent fell by $2.05 to $81.62 per barrel.

April futures for WTI fell in price on the New York Mercantile Exchange (NYMEX) by $0.33 (0.43%) to $76.16 per barrel.

During the previous session, the WTI futures fell by $2.12 to $76.49 per barrel.

Last week, both brands fell in price by more than 2%.

Traders are monitoring the situation in the Middle East and are waiting for the OPEC+ meeting, at which the extension of restrictions on oil production for another quarter will be discussed.

"We still expect OPEC+ to extend production cuts into the second quarter of 2024 and begin phasing them out only in the third quarter," Goldman Sachs analysts say.

They believe that oil prices will fluctuate between $70 and $90 per barrel.

Meanwhile, data from Baker Hughes showed that over the past week, the number of active oil drilling rigs in the US increased by six to 503 units. The number of gas installations decreased by one, to 120.