Despite gains from Russia's pledges to further reduce oil output, oil prices continued to decline on Monday in choppy trading due to solid greenback and worries about the possibility of slowdown in the economy.

WTI U.S. crude futures (WTI) slumped by 0.3% at $76.09 per barrel, meanwhile Brent crude futures dipped by 0.36% at $82.86 per barrel.

On Friday, the two main gauges wrapped up the day with gains over 90 cents.

Investors are awaiting China's manufacturing surveys this week in anticipation of a strong indication that will draw the way of the oil demand. This weekend marks the start of China's annual parliamentary session, which will feature new economic policy goals.

Speaking of the supply aspect, Russia intends to go beyond its previously announced production cuts of 5% of its output during the month by reducing oil shipments from its western ports by up to 25% in March compared to February.