Mubasher: Oil prices declined on Monday after US shale drillers added more rigs last week, however, prices are still near their highest levels since mid-2015.
The current oil prices are supported by the extension of the output cuts agreed last week by Organization of the Petroleum Exporting Countries (OPEC) and other major producers, led by Russia.
Nymex prices went down by 1.27% or 73 cents to $57.63.
Last week saw an increase in the rigs count in the United States by two oil rigs, reaching a total of 749 rigs, the highest total since September.
