Oil prices fell more than 1% on Monday after U.S. President Trump called on OPEC to reduce prices following the announcement of wide-ranging measures to boost U.S. oil and gas output in his first week in office.

Oil prices were edging lower in early trade amid U.S. President Donald Trump's call for OPEC to cut prices and swift trade moves rattling markets. Brent crude and WTI were both down 0.2% to $77.39 and $74.