Crude oil prices fell in early Asian trading on Monday as markets were expected to be increasingly oversupplied following OPEC's decision last Friday to keep its production targets unchanged.

Nigeria, Africa’s biggest oil producer, plans to issue separate leases for gas assets in order to attract more investors to boost output of the fuel, the state-owned oil company said.

The import taxes on diesel and mazut have been lowered by 8-12% this May, according to the Ministry of Finance (MOF). According to the MOF, the import taxes on gasoline, kerosene and diesel will be reduced from 30-35% to 20%, while the tax rate on mazut will be cut from 35% to 25%, with immediate effect.

America's oil in storage just hit another record after rising for the 11th consecutive week. Stockpiles rose 8.2 million barrels, or 1.8 percent, to 466.7 million barrels last week, the EIA reported today. Analysts had expected an increase of 4.75 million barrels. The amount of oil the U.S. is cranking out also edged up slightly, for the seventh consecutive week, to a rate of 9.42 million barrels a day.