Oil prices declined on Monday as U.S. stockpiles are at record highs. However, Baker Hughes, an industry research group, reported on Friday that the number of active drilling rigs in the U.S. further declined by 33 to 986, the lowest count since 2011. A poll conducted by Reuters, showed that the price of oil is likely to have found the bottom and may start to grow in the second half of 2015, since the fall in 2014 caused a decline in production. On Sunday Iraqi oil minister said he sees oil prices rising to USD65 a barrel.

Brent Crude declined by -1.17%, currently trading at USD61.85 a barrel. On January 13th Crude hit a low at USD45.19. West Texas Intermediate lost -1.17% currently quoted at USD49.18, back below USD50 a barrel.

Although prices stabilized recently worldwide supply still exceeds demand in a period of low global economic growth limiting the impact of positive macroeconomic news.