Brent crude futures were around $75 a barrel on Monday, remaining close to 2018 levels, as investors continue to follow OPEC+ crisis and await for an update on output extension.
Still, falling US crude inventories hopes for a strong fuel demand put a cap on losses.
Brent crude fell 0.8% last week amid concerns that OPEC+ countries would start to release crude independently after divergences between Saudi Arabia and the UAE over the extension of oil output have not been solved yet.
Brent Crude oil is a major benchmark price for purchases of oil worldwide.
While Brent Crude oil is sourced from the North Sea the oil production coming from Europe, Africa and the Middle East flowing West tends to be priced relative to this oil.