International Benchmark Brent crude traded at $76.72 per barrel at 10.06 GMT+2 on Monday while American benchmark West Texas Intermediate (WTI) saw prices of $65.83 per barrel.
The 19th increase in the U.S.' crude oil production in the last 20 weeks, reported by the country's Energy Information Administration (EIA) data released Thursday, has put an downward pressure on crude prices.
The report highlighted that next year, crude production in the U.S. is expected to average 11.9 million barrels per day, displacing the current world's largest crude oil producer Russia.
On Friday, Russian President Vladimir Putin said cooperation with the Organization of Petroleum Exporting Countries (OPEC) would continue following on from the stability gained from the joint work conducted with the organization.
Previously, the Russian Ministry of Energy reported 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 meeting between OPEC and some non-OPEC oil producers will be held on June 22-23 in Vienna.
On Friday, Brent crude traded at $77.73 per barrel at 14.37 GMT+2 while WTI saw prices of $66.48 per barrel.
By Firdevs Yuksel
Anadolu Agency
energy@aa.com.tr