International benchmark Brent crude oil price decreased by 0.80 percent to $51.73 from Friday's peak while U.S. WTI dropped by 0.66 percent to $48.39 at 10.50 Turkish local time on Monday.
On Friday, Brent crude oil price increased by 0.66 percent to $52.08 while U.S. WTI increased by 0.45 percent to $48.95 at 14.00 Turkish local time.
The U.S. oil rig count increased by 14 to reach 631, oilfield services firm Baker Hughes data showed Friday.
This is the highest level in the total oil rig count since September 2015, the data shows with 244 more compared to the count for the same time last year.
In last Tuesday's OPEC report, OPEC crude oil production decreased by 140 thousand barrels per day (b/d) to 31.96 million b/d in February.
By Huseyin Erdogan