Crude oil prices fell on Monday, extending a decline seen late last week after the first in the number of number of active U.S. oil-drilling rigs in 13 weeks.
West Texas Intermediate crude futures for April delivery CLJ6, -1.88% fell 64 cents, or 1.6%, to $38.80 a barrel. The contract, which expires at Monday’s settlement, closed down 1.9% on Friday at $39.44 a barrel, after pushing above $41 during that session. May crude CLK6, -1.58% dropped 53 cents, or 1.3%, to $40.78 a barrel. Oil still managed a fifth weekly rise last week.
May Brent crude LCOK6, -1.31% , the global benchmark, dropped 41 cents, or 1%, to $40.79 a barrel.
Oil still managed a fifth weekly rise last week, spurred by ongoing hopes that an April 17 meeting in Doha, Qatar between major oil producers could lead to higher prices.