New York: Oil prices fell on Monday as traders worried that global supplies exceed the demand.

The Organisation of Petroleum Exporting Countries (OPEC) pumped more crude above the limit the group set in October, reaching the highest level since 2008, according to a market survey. OPEC maintained it output quota of 30 million barrels per day at June's meeting. The cartel's output is accounted for around 40 percent of the global crude output.