Investing.com - Oil slipped Monday as the number of rigs operating in the U.S. continued to increase.
U.S. crude was off 6 cents, or 0.12%, at $49.74 at 08:00 ET. Brent lost 7 cents, or 0.13%, to $52.44.
The extension of an OPEC-led deal on output cuts for another nine months disappointed.
The scale back in production remains at 1.8 million barrels a day agreed for the first half of this year.
Baker Hughes reported Friday the U.S. rig count rose two to 722.
The number of rigs operating in the U.S. has risen for 19 weeks in a row to the highest level since April 2015.
U.S. production has increased by over 10% since mid-2016 to about 9.3 million barrels a day.