Oil prices extended declines on Monday, dragged down by signs of growing output in the United States that could partly offset output cuts by OPEC and other producers 

Uncertainty over the outlook for U.S policy also broadly weighed on financial markets after President Donald Trump introduced immigration curbs that sparked criticism at home and abroad. 

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But oil trading was quiet with several Asian countries, including China, on holiday for the Lunar New Year. London Brent crude for March delivery had dropped 28 cents to $55.24 a barrel by 0417 GMT, after settling down 72 cents on Friday. NYMEX crude for March delivery was down 27 cents at $52.90 a barrel.

U.S. oil production has been rising, with the International Energy Agency forecasting total U.S. output growth of 320,000 bpd in 2017 to an average of 12.8 million bpd. The U.S. weekly oil and gas rig count from Baker Hughes showed that U.S. drillers added 15 oil rigs last week, bringing the total count to 566, the most since November 2015.