Crude oil prices rose as U.S production went up and as the Organization of Petroleum Exporting Countries (OPEC) consider increasing its supply.
Benchmark Brent crude oil lost $1.26 per barrel, to hit a low of $75.53 before recovering to $75.69 per barrel as at 10:35 GMT.
U.S. light crude dropped to $65.41 per barrel losing 40cents, the U.S. contract lost around 3% last week.
Tony Nunan, risk manager at Mitsubishi Corp said that with the high demand season around the corner, US crude oil inventories would see a fall although shale oil output is growing.
According to data from the Energy Information Administration, US crude production climbed in March to 10.47 million barrels per day (bpd).
OPEC ministers from Saudi Arabia, the UAE, Kuwait and Algeria met unofficially in Kuwait, with all parties expected to agree to raise output to relax the market especially with Iranian and Venezuelan supply issues.
Saudi Arabia and Russia have discussed upping output to make up for supply losses from Venezuela and to address the speculative impact on Iranian output stemming from US sanctions.
Image Credit: Market Watch
