On Monday, crude prices sank to their lowest in three months notwithstanding OPEC attempts to curb crude output, dragged down because American drillers kept adding rigs.
Brent crude futures LCOc1 declined 0.68%, dropping to its lowest value since November 30. They traded at $51.02 per barrel. It concluded the previous session down 1.6%, hitting $51.37.
American West Texas Intermediate crude futures sagged 0.87% to $48.07 a barrel, showing its weakest outcome since late November.
American drillers added crude rigs for an eighth consecutive week, as Baker Hughes revealed on Friday, as energy companies stepped up spending just to take advantage of a revival in crude prices since the Organization of the Petroleum Exporting Countries decided to reduce output.
OPEC along with other key crude producers including Russia reached a landmark agreement late the previous year to rein in output by nearly 1.8 million barrels per day in the first half of 2017.
