Oil prices posted an 11th consecutive day of losses on Monday, as fears of supply surplus and weakening demand still dominate the global market, despite remarks on the need to cut crude production by Saudi Arabia's energy official.

"There will need to be a reduction of supply from October levels approaching a million barrels," said Saudi Arabia's Energy Minister Khalid al-Falih at the ADIPEC oil summit in Abu Dhabi on Monday.

He added that OPEC and its allies may need to cut crude production by about 1 million barrels per day.

The remarks, however, did not soothe investors who have become jittery about the bearish U.S. crude, as oil prices registered Monday its longest losing streak on record.

Yet U.S. President Donald Trump believes "oil prices should be much lower based on supply," he wrote on Twitter on Monday. "Hopefully, Saudi Arabia and OPEC will not be cutting oil production."

The West Texas Intermediate for December delivery dropped 0.26 U.S. dollar to settle at 59.93 dollars a barrel on the New York Mercantile Exchange, while Brent crude for December delivery was down 0.06 dollar to close at 70.12 dollars a barrel on the London ICE Futures Exchange.