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The number of active U.S. oil rigs increased last week according to the weekly count from Baker Hughes, for the second week in a row. The number is now 765, up 6 rigs from the week before. Compared to one year ago, the U.S. drillers have added almost 200 rigs. U.S. oil production is closing in on the two largest oil producers in the world, Saudi Arabia and Russia with a production around 9.91 mio. barrels per day.

Also weighing on prices was comments from Iranian oil minister over the weekend that the country can increase daily crude oil within a few days, should participants in the current oil production cut deal decide to end the deal later this year. The parties of non-OPEC and OPEC oil producers will meet in June to discuss the deal. Iran is OPEC's third-largest oil producer with a production of 3.83 mio. barrels per day in December.

Friday's upbeat U.S. jobs report lead to an increase in the dollar which traditionally weigh on oil prices.

Turning to economic data, this week is highly packed. Today, a row of European and U.S. Services PMIs are published and over the next days, various central banks' speeches are coming up.