Crude prices start the week lower amid negative pressures

Crude prices fell on Monday amid ongoing negative pressures due to oversupply concerns, as U.S. crude stockpiles rose sharply last week, while OPEC's output cuts failed to support prices and offset rising U.S. shale production. 

U.S. crude futures last traded at $47.61 a barrel, down from the opening of $48.10, with an intraday high at $48.25, and a low at $47.06. 

Crude's drop comes after a meeting between OPEC's members and other producers to discuss the compliance with their deal to cut output, while hinting at a possible extension for the deal to the second half of the year. 

The meeting failed to underpin prices amid concerns about oversupply in the markets after U.S. supplies rose to record highs due to increasing U.S. shale production. 

Additionally, prices were hurt by the rise in U.S. oil rigs last week for the tenth week in a row to the highest since September 2015, heaping pressure on prices.