U.S. crude-oil prices ended the session in a sharp drop in the previous session which marked a back-to-back session declines for futures on renewed concerns about mounting the U.S. crude production.
On the New York Mercantile Exchange, West Texas Intermediate for March futures was down by $1.06 a drop of 1.5% and is being sold at $64.50 per barrel. Prices settled on Friday at their highest since December 2014. Brent Crude prices for March futures, the global benchmark, was down by 44 cents a 0.6% decline to end the session at $69.02 per barrel on the ICE futures Europe exchange.
U.S. crude production could get close to the symbolic 10 million barrel a day mark this week, according to brokerage PVM Oil Associates Ltd.
The International Energy Agency said earlier this month that it expects U.S. production to surpass that of Saudi Arabia, climbing above the 20 million barrels a day in 2018. Prices have been pushed down at the start of the week in response to an increase in the number of rigs drilling for oil in the U.S. which is generally a proxy for activity in the sector.
Oil prices have reached a three year high this month getting a push from strong demand, geopolitical risks, and a weaker U.S. dollar and efforts by the organization of the Petroleum Exporting Countries to curb supply.