Oil fell by 1%, while the bullish rates fall with an increase in US inventories
Oil prices fell more than 1% on Monday, because of strong US economic data and concerns about the effectiveness of OPEC production cuts.
Futures for Brent crude fell 60 cents to $ 51.16 a barrel.
WTI futures traded 71 cents lower at $ 48.07 a barrel.
"The continued growth of oil rigs in the United States reinforces the bearish sentiment," - said Carsten Fritsch, senior analyst at Commodities at Commerzbank in Frankfurt.
American drillers added 14 oil rigs last week, the total number of which amounted to 631, according to Friday's data company Baker Hughes Inc.
The prospect of a higher level of oil supplies from Libya, will further exacerbate the bearish sentiment.
National Oil Corporation of Libya (NOC), said that they were confident of regaining control of the two major oil ports Es Sidr and Ras Lanuf, which have a total capacity to export 600,000 barrels per day.
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