As investors exercised caution ahead of this week's release of fresh economic data from the world's two largest consumers, the United States and China, oil prices fell in Asian trade on Monday. Losses were however restricted by anticipated reductions in crude production from Saudi Arabia and Russia.

Brent crude futures slipped 0.7% to $77.92 per barrel, meanwhile US WTI slumped 0.7% at $73.31 per barrel.

China's factory-gate prices fell at the fastest pace in over seven years in June, government data showed on Monday, as the momentum of economic recovery in the world's second-largest economy has slowed.

The world's two largest oil exporters, Saudi Arabia and Russia, promised to intensify production cuts in August, boosting oil prices last week, pushing them to their highest levels since May. This was the second straight week that oil prices have increased.

Russia will reduce petroleum exports by 500,000 bpd, and Saudi Arabia will continue its 1 million barrels per day (bpd) output cut until August. Russia will use the crude to produce additional fuel to meet domestic demand, according to a government source, who told Reuters on Friday, instead of reducing output.