Crude oil futures extended their gains on Monday, trimming some of last week’s losses despite further signs of robust U.S. production. Prices got a boost after Saudi Arabia and Russia attempted to quell investor fears concerning the glut in supply, insisting that declines in inventories will accelerate over the near term. Meanwhile, Energy Information Administration (EIA) in its latest monthly release said that oil production from the biggest US shale fields will rise by 127,000 barrels a day to 5.475 million barrels a day in July from June. 

Surging US production has offset production quotas from OPEC and Russia this year. Benchmark crude oil futures for July delivery ended higher by $0.25 or 0.6 percent to $46.08 on the New York Mercantile Exchange. In London, Brent crude for July delivery ended up by $ 0.34 to $48.49 on the ICE.

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