Oil prices declined on Monday as investors remained uncertain whether major producers would extend output cut deal to ease global oil glut.

A committee of ministers from the Organization of the Petroleum Exporting Countries and other major producers agreed to consider extending the deal on Sunday.

However, analysts said investors still have doubts about the deal extension because no major producers have stated their stance clearly yet.

Higher U.S. rig count also weighed on the prices. U.S. rigs classified as drilling for oil are up 21 last week from the week before to 652, the highest level since September 2015, said the oilfield service company Baker Hughes on Friday.

The West Texas Intermediate for May Delivery erased 0.24 U.S. dollar to settle at 47.73 dollars a barrel on the New York Mercantile Exchange, while Brent crude for May delivery decreased 0.05 dollars to close at 50.75 dollars a barrel on the London ICE Futures Exchange.

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