Oil fell more than 1% to around $82.70 a barrel on Monday as ample U.S. inventories were seen and after Saudi Arabia's oil minister expressed concerns about the influence of speculators on prices.

A Saudi Arabian oil official issued remarks which indicated that the Organization of Petroleum Exporting Countries could raise production this year due to a faster than expected growth in demand for the cartel's oil.

As for today, traders are advised to watch carefully the leading stock markets and the major economic indicators which will be published from the U.S. and euro-zone in order to predict the next movements in oil prices.