International benchmark Brent crude traded at $60.28 per barrel at 0616 GMT on Monday, while American benchmark West Texas Intermediate saw prices of $51.21 per barrel, with both benchmark prices showing slight decreases since Friday's closing prices.
Increasing global oil supplies and weakening global economic outlook puts downward pressure on oil prices as the decision of the production cut from OPEC+ helps stabilize the prices in the markets.
Brent crude oil was up at the end the week on Friday trading at $61.12 per barrel at 1101 GMT while WTI traded at $52.33 per barrel.
Brent climbed to as high as $63.73 per barrel last Friday, Dec. 7 after OPEC said it would begin curbing its production by 800,000 barrels per day (bpd) for six months beginning January 2019.
The oil rig count in the U.S., an indicator of the health of the oil drilling industry, showed a decline this week, according to data released by oilfield services company Baker Hughes on Friday.
The number of oil rigs in the country decreased by four for the week ending Dec. 14, bringing the total count to 873 from 877 the week before, the data revealed.
Following the decrease in the oil rig count, crude oil prices showed limited gains in the global market on Friday, with international benchmark Brent crude closing at $60.45 per barrel while American benchmark West Texas Intermediate finished the day at $51.18 a barrel.
By Gulsen Cagatay
Anadolu Agency
energy@aa.com.tr