Crude prices fell over 1.5 percent on Monday after U.S. oil drillers added rigs to look for new production as producers adapt to cheaper crude, with speculators cutting positions betting on further price rises.
Brent crude futures LOCOc1 were trading at $47.29 per barrel at 0200 GMT, down 72 cents, or 1.5 percent, from their last settlement.
U.S. West Texas Intermediate futures CLc1 were down 80 cents, or 1.74 percent, at $45.08 a barrel.
Traders said the price falls on Monday and Friday were a result of increasing oil drilling activity in the United States, which indicated that producers can operate profitably around current levels.
"Each dollar is being used far more efficiently and, as a result, $50 oil appears much more palatable," Barclays bank said in a note to clients.
Read more at Reuters.