Oil prices plunged Monday as oversupply concerns dominated the market after a Saudi-Venezuela meeting failed to reach an agreement on actions to boost oil prices.

No tangible signs emerged from a meeting on Sunday between Saudi Arabia and Venezuela that OPEC and non-OPEC suppliers are ready to deal with the price slump.

Venezuela's Oil Minister Eulogio Del Pino was on a tour of oil producers to lobby for actions to prop up prices. And Sunday's meeting is seen by many as critical to paving way for a deal to boost prices that vanished 70 percent since mid-2014.

U.S. crude supplies of the week ended Jan. 29 gained 7.8 million barrels to 502.7 million barrels, 89.7 million barrels more than one year before, said U.S. Energy Information Agency (EIA) in its latest weekly report.

The West Texas Intermediate for March delivery moved down 1.2 U.S. dollars to settle at 29.69 dollars a barrel on the New York Mercantile Exchange, while Brent crude for April delivery decreased 1.18 dollars to close at 32.88 dollars a barrel on the London ICE Futures Exchange.

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