International benchmark Brent crude decreased by 0.57 percent from closing on Friday and traded at $61.88 per barrel at 06.36 GMT on Monday, while American benchmark West Texas Intermediate (WTI) saw prices drop by 0.68 percent to $52.25 over the same period.
Brent crude closed at $62.24 per barrel on Friday while WTI saw prices fall to $52.61.
The number of oil rigs in the U.S. increased to 854 for the week ending Feb.8, up by 7 over the previous week, according to data released by oilfield services company Baker Hughes on Friday.
Following the increase in the oil rig count, crude oil prices reported losses on the global market on Friday.
However, oil production cuts by Saudi Arabia-led OPEC and non-OPEC Russia, in addition to U.S. sanctions on Venezuela, prevented oil prices from dropping further.
By Gulsen Cagatay