Oil prices have declined due to a continuous increase in the US drilling that maintained global oversupplies, undermining OPEC's efforts to revive the market. 

Brent crude futures LCOc1 dropped by 18 cents to $47.19 per barrel, while the US West Texas Intermediate (WTI) crude futures CLc1 fell by 20 cents to $44.54, reported Reuters. 

Indications of falling demand in different regions also further weakened the crude prices.

Since late last month, both oil benchmarks suffered around 14% fall in prices.

Last week, Goldman Sachs reported that the US oil rig count increased by six making it the consecutive 22nd week in a row of oil rig addition. 

"Demand from Asia is also slowing down, despite being one of the largest oil-consuming regions in the world."

Since May last year, producers in the country have added 431 oil rigs. 

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By GlobalData

Oil supplies from OPEC and other producers participating in the output curb deal are reported to be higher as some countries failed to comply with the pledges. 

Demand from Asia is also slowing down, despite being one of the largest oil-consuming regions in the world.

In May, Japan's customs-cleared crude oil imports declined by 13.5% to 2.83 million bpd compared with the same month a year earlier. 

India also imported 4.2% less crude oil last month than it did in the earlier year. 

In China, oil demand growth has been falling, which is anticipated to continue in the coming months.