Oil prices have fallen after traders cashed-in following three weeks of rises, with a strong dollar late last week also contributing.

Front-month Brent crude was down and traded at $44.80 per barrel, while the US West Texas Intermediate (WTI) futures fell 35 cents at $43.38, Reuters reported.

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Oil prices dropped due to a strong dollar last week on expectations that Japan will further extend its monetary easing through negative interest rates.

"Still-elevated inventory levels, the return of some disrupted supply, further boosts to Saudi and Iranian supply, and increased non-OECD product exports all have the potential to move prices lower."

A stronger dollar will make fuel imports more expensive for countries using other currencies.

Barclays bank told the news agency: "Still-elevated inventory levels, the return of some disrupted supply, further boosts to Saudi and Iranian supply, and increased non-OECD product exports all have the potential to move prices lower over the next several months, especially if broader macro sentiment shifts."

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A fall in oil price also came despite another reduction in the rig count in the US that brings activity down for a fifth straight week.

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Oil services company Baker Hughes said that a total of 343 rigs were drilling for new oil last week, which compares to more than 700 this time in 2015.

Last week, oil prices increased by nearly 5% despite the output freeze proposal between Russia and the Organization of the Petroleum Exporting Countries not being agreed, underpinned by expectations that cutting production in non-OPEC countries would help moderate the oversupplied market.