Oil stabilizes below $49 a barrel as U.S. drillers continued to increase activity, thereby counteracting OPEC's efforts to reduce oil glut.
In New York, it was possible to observe changes in the futures after falling 9.1% last week, and this is the biggest weekly loss since November. Drilling rigs crude in the U.S. rose to its highest level since September 2015, according to Baker Hughes Inc.
In Libya, oil production fell 11% because of clashes between rival armed groups led to the closure of a number of major oil-export terminals.
WTI futures for April delivery lost 59 cents dropping to $47.90 a barrel on the New York Mercantile Exchange and traded at $48.42 in London. Total volume traded was about 15% above the 100-day average. The contract fell 79 cents to $48.49 on Friday, capping the biggest weekly decline since November last year.