2018.06.0406:47:00UTC+00Oil Prices on Steady Footing as Record U.S. Production Offset Strong Demand

Oil prices stabilized on Monday as U.S. output reached a record high and OPEC members mulled boosting production to balance the increasing global demand.

International benchmark Brent crude oil was flat at $76.79 per barrel. U.S. light crude rose by 5 cents at 65.86 per barrel. In the previous week, the U.S. contract fell by 3 percent, adding to an almost 5-percent drop from a week prior.

In March, U.S. crude production increased to 10.47 million bpd, notching a monthly record, the Energy Information Administration data indicated last week.

In the week to June 1, U.S. drillers added two oil rigs, bringing the total figure to 861, the highest since March 2015, according to energy services firm Baker Hughes on Friday. That marked the eight time drillers have added rigs in the last nine weeks.

Arab oil ministers reached an agreement over the weekend on the necessity for extended cooperation between OPEC members and other major producers to balance global supply, according to Kuwait's state news agency KUNA on Sunday.

OPEC ministers originating from Saudi Arabia, the UAE, Kuwait and Algeria, with their counterpart from non-OPEC Oman held an unofficial meeting in Kuwait on Saturday. OPEC will formally meet on June 22 to set oil policy. It is expected to agree to boost output to temper the market amid concerns over Iranian and Venezuela supply and after Washington raised concerns that the oil rally was overextended, according to sources.