Trade of international benchmark Brent began with prices of $60.15 per barrel at 0640GMT on Monday, while American benchmark West Texas Intermediate traded at $51.22 per barrel.
Brent crude fell below $60 a barrel on Friday with ongoing concerns of oversupply in the global market, while WTI fell to as low as $50.64 a barrel -- a 6.2 percent loss from its closing level of $54.02 per barrel the day before.
With these results, both benchmarks hit their lowest level since October 2017, the official data shows.
Experts believe that lower global oil demand and weaker estimates for global economic growth continue to worry investors that crude demand could fall through 2019.
Furthermore, U.S. financial firm JP Morgan said Thursday it lowered its forecast for Brent crude for 2019 to $73 per barrel, from its previous estimate of $83.50 a barrel, and added the benchmark could fall to as low as $64 per barrel in 2020.
In order to balance the oil market, JP Morgan affirmed that the Organization of Petroleum Exporting Countries (OPEC) would need to cut oil production by 1.2 million barrels per day (mbpd) for the whole of next year.
According to data released by oilfield services company Baker Hughes on Wednesday, the U.S. oil rig count fell by three from Nov. 17 to Nov. 21. However, this decline in the rig count from 888 to 885 did not stop the fall in prices.
By Gulsen Cagatay
Anadolu Agency
energy@aa.com.tr