On Monday, oil prices are falling, because the monthly increase in OPEC production offset the drop in US production and the recent weakening of the dollar, which became the incentives for the recent rise in prices.
On the New York Mercantile Exchange, WTI crude oil for June delivery fell 78 cents, or 1.7% to $ 45.14 per barrel.
One the ICE, Brent crude was traded at $ 46.33, down 2.2%.
OPEC oil production in April rose to peaks in recent history, a Reuters poll showed on Friday, as the increase in Iranian and Iraq offset the strike in Kuwait and other delays in deliveries.
According to the survey, the April OPEC production rose to 32.64 million barrels per day from 32.47 million barrels a day the previous month, reinforcing concerns about oversupply in the global energy markets.
Trading volumes remained fragile due to May holidays in many countries.
Oil has rose more than 75% from 12-year lows in January amid signs that the low prices are beginning to have resistance to extraction due to high production costs, and, as a result, the saturation of supply may decrease.
On Sunday, the head of the International Energy Agency, Fatih Birol said that oil prices may have bottomed out, in case the global economy will keep the current momentum of development.
The US Energy Secretary, Ernest Moniz, said on Monday that he expects to restore the balance of supply and demand of oil in the world market in about a year.
This year, oil production in the US can drop by 600 000 barrels per day on an annual basis, as producers respond to lower prices, said Moniz.
However, many market analysts reacted with apprehension to the recent recovery in prices, in particular due to the fact that US stocks are currently at record levels at 540.6 million barrels, according to the latest report from the US Energy Information Administration.