US oil prices fell on Monday after US reported an increase in Shale Oil Rigs across the Northern American Region. The prices, however, continued to remain on their highest levels since mid-2015, supported by extension in output cuts agreed upon by the OPEC and non-OPEC member nations attending the meeting on 30th November.

U.S. West Texas Intermediate was down 46 cents, or 0.8 percent, at $57.90 a barrel at 0431 GMT. 

Brent futures were down 39 cents, or 0.6 percent, at $63.34 a barrel.

The rising global economy rising at an average of 4% per year along with Saudi Arabia adding the risk premium to the oil prices could send the Brent prices to go beyond the $80 level. On the other hand many nations are shifting their dependence from oil to other modes of fuel, however the shift is incremental and is destined to take a lot more time.

During the transition oil markets are expected to pick up with a rise in demand and decline in supply side.