Oil traded mixed on Monday with Brent Crude declining by -0.55%, currently trading at USD59.40 a barrel and West Texas Intermediate gaining +0.40% currently quoted at USD49.81.

On Sunday OPEC Secretary-General Abdullah al-Badri said that OPEC members should not lower production as this would only help U.S. producers with their higher-cost shale. Data from Baker Hughes on Friday showed that U.S. rig-numbers further declined.

Oil prices declined by almost 60% between June 2014 and January 2015 and recovered by almost 35% in 2015.Although prices rebounded after setting new lows, worldwide supply still exceeds demand in a period of low global economic growth, pushing stockpiles to record highs and weighing on prices.