Oil prices decreased on Monday as data showed the inventory at a key storage base for U.S. crude climbed sharply.
Market intelligence company Genscape said on Monday that stockpiles at the Cushing, Oklahoma delivery point for U.S. crude futures rose 1,549,705 barrels in the week to April 22.
In the previous session, oil prices gained as U.S. energy firms continued to slash spending. The active rigs count of the week ending April 22 lost 8 to 343, the lowest level since November 2009, oil services company Baker Hughes said Friday.
The Organization of the Petroleum Exporting Countries could discuss the output freeze along with nonmembers at its next meeting in June, said Abdallah Salem el-Badri, Secretary-General of the group Thursday.
The West Texas Intermediate for June delivery moved down 1.09 dollars to settle at 42.64 dollars a barrel on the New York Mercantile Exchange, while Brent crude for June delivery decreased 63 cents to close at 44.48 dollars a barrel on the London ICE Futures Exchange.