International Benchmark Brent crude traded at $75.27 per barrel at 09.23 GMT+2 on Monday while American benchmark West Texas Intermediate (WTI) saw prices of $66.31 per barrel.
On Friday, Brent crude traded at $76.75 per barrel at 15.35 GMT+2 while WTI saw prices of $68.77 per barrel.
Last week, U.S. crude oil and gasoline inventories showed a surprise weekly rise against the market expectation of a decrease, triggering a decline in crude prices. On Thursday, Brent fell 1.1 percent, while WTI lost 1.6 percent.
In addition, the number of oil rigs in the U.S. increased by 15 this week, according to oilfield services company Baker Hughes data released on Friday. The oil rig count in the country rose to 859 for the week ending May 25, from 844 in the previous week, the data showed.
This marked the 15th weekly increase in the number of oil rigs in the past 18 weeks. After the rise in the number of oil rigs, crude oil prices extended losses.
In the meantime, the Organization of the Petroleum Exporting Countries (OPEC) and participating non-OPEC producing countries achieved the highest conformity level of 152 percent in April, OPEC announced late on Friday.
'This demonstrates the commitment of participating countries to the restoration of market stability, which is intended to serve the long term interests of producers, consumers and the global economy,' OPEC said.
On Friday, Russian Energy Minister Alexander Novak and his Saudi counterpart Khalid Al-Falih met in St. Petersburg and hinted that both countries could ease the production cut agreement that began to be implemented in January 2017.
Experts believe that the two countries could gradually increase their crude production levels in order to compensate for falling oil output in the global market stemming from Venezuela and possibly Iran if U.S. sanctions are re-implemented.
By Gulsen Cagatay
Anadolu Agency
energy@aa.com.tr