Mubasher: Oil prices commenced the week on a low note, coinciding with higher drilling activities for crude oil in the US and the continued pressure of US oil output.

By 9:39 am GMT Brent crude futures fell 0.53% to $65.89 per barrel (pb), while US Nymex futures shed 0.48% to $62.04 pb.

US crude futures recorded a 0.5% gain last week.

Data released by Baker Hughes Oilfield Services showed a 4-rig increase last week bringing the total number of oil rigs in the US to 800 in the week ended 15 March.

US crude output rose to 10.369 million barrels per day in the week ended 9 March, extending pressure on the agreement made by the members and non-members of the Organization of Petroleum Exporting Countries (OPEC), which had expected higher output in 2018 on the back of the US raising its production.