World oil prices extended their decline in the European market on Monday to continue their losses for the third day in a row, with US crude hitting a two-month low on concerns of accelerated production in the United States to record highs, especially after the drilling and drilling platforms in the country to the highest level in more than Three years.

By 12:45 GMT US crude fell to $ 65.64 a barrel from the opening level $ 65.55, and recorded the highest level of $ 66.02, and the lowest level of $ 65.27 the lowest since April 11 last.

Brent crude dropped to $ 76.15 a barrel from the opening level of $ 76.49 and recorded a high of $ 76.94 and a low of $ 75.51.

Oil prices  ended Friday’s trading down 2.1%, the second consecutive daily loss, hitting a seven-week low of $ 65.49 a barrel. Brent contracts lost 1.3%, as concerns over the prospects of renewed global supply overshadowed the market.

US drilling and exploration platforms rose 2 times last week, the second consecutive weekly gain, bringing the total operating platform to 861, the highest level since March 2015, official data showed on Monday.

oil prices

Thanks to high drilling activities, US production has jumped more than 27 percent since mid-2016 to a total of 10.77 million barrels, surpassing Saudi Arabia’s stable production of around 9.9 million barrels and close to Russia’s largest oil producer of around 11.0 million barrels.

Meanwhile, the official Kuwaiti news agency KUNA said on Sunday that Arab oil ministers agreed to continue cooperation between members of OPEC and other major producers to achieve balance in the market.

Oil ministers from Saudi Arabia, the United Arab Emirates, Kuwait and Algeria, as well as Oman, met on Saturday informally in Kuwait to discuss developments in the market.

Opec and some independent producers are due to meet in Vienna on June 22 to set production policy, amid speculation that production will be approved to meet concerns over shrinking supply from Iran and Venezuela after US sanctions come into effect.