International Benchmark Brent crude traded at $76.19 per barrel at 09.34 GMT+2 on Monday while American benchmark West Texas Intermediate (WTI) saw prices of $65.56 per barrel.
On Friday, Brent cost $76.78 per barrel at 14.28 GMT+2 while WTI saw prices of $67.75 per barrel.
The U.S.' crude oil production increased for the 20th time in the last 21 weeks, according to the country's Energy Information Administration (EIA) data released on Wednesday.
Crude oil output rose by 31,000 barrels per day (bpd) to reach a new record high level of 10.8 million bpd for the week ending June 1, the data showed.
The U.S.' crude oil production is expected to average 10.7 million bpd this year, and 11.9 million bpd next year, according to the EIA's Short-Term Energy Outlook for May.
The number of oil rigs in the U.S. increased by one this week, according to oilfield services company Baker Hughes data on Friday. The oil rig count in the country rose to 862 for the week ending June 8, from 861 the previous week, the data showed. During the previous week ending June 1, the number of oil rigs in the U.S. increased by two.
Furthermore, experts believe that if a decision is taken on the easing of OPEC and non-OPEC output quotas, oil production could return to previous higher levels over the coming months, which could drag prices down.
The subject is up for discussion during the meeting between OPEC and some non-OPEC participants on June 22-23 in Vienna.
By Gulsen Cagatay