Oil prices fell more than 1 per cent today after US President Donald Trump called on OPEC to reduce prices following the announcement of wide-ranging measures to boost US oil and gas output.

Brent crude futures dropped 87 cents, or 1.11 per cent, to US$77.63 a barrel after settling up 21 cents on Friday.

US West Texas Intermediate crude was at US$73.77 a barrel, down 89 cents, or 1.19 per cent.

President Trump on Friday reiterated his call for the Organization of the Petroleum Exporting Countries to cut oil prices. However, OPEC and its allies including Russia have yet to react to Trump’s call, with OPEC+ delegates pointing to a plan already in place to start raising oil output from April.