Continued growth in US crude production, notably by shale-oil producers, also has contributed to worries about a growing glut worldwide.
Oil prices are expected to strengthen further after OPEC's production cuts go into effect on January 1, but their direction until that time remains in question, especially during the thin holiday trade.
The West Texas Intermediate for February delivery rose 3.69 US dollars to settle at 46.22 dollars a barrel on the New York Mercantile Exchange, while Brent crude for February delivery increased 4 dollars to close at 54.47 dollars a barrel on the London ICE Futures Exchange. However, production cuts and any OPEC decision before or at its next April meeting, production declines from Iran, Venezuela or other key markets can push crude prices up in the first quarter of 2019. The U.S. benchmark is down about 16 percent since the producer group announced the agreement. However, the market seems to be ignoring this move as oil prices are continuously falling in the global market despite this production cut.
The macroeconomic picture and its impact on oil demand continue to pressure prices. The chance of another meeting by OPEC and its allies is "sending a signal to the market that they will do whatever it takes".
The barrel of WTI loses more than $5 last week.
The US-China trade dispute and the prospect of a rapid rise in US interest rates have brought global stocks down from this year's record highs and ignited concern that oil demand will be insufficient to soak up any excess supply.
"The main input over the weekend has been the continued intervention by OPEC members", said Olivier Jakob, managing director at Petromatrix.
The Organisation of the Petroleum Exporting Countries (OPEC) and its allies including Russian Federation, agreed at a meeting earlier this month to limit output by 1.2 million barrels per day starting in January.
"There are several bearish factors in oil markets, and the situation won't improve anytime soon".
West Texas Intermediate for February delivery fell $1.41 to $44.18 a barrel.
"If we do get a sustained overdue rally in the stock market then look for WTI and Brent crude oil to be underpinned by profit-taking and short-covering", James Hyerczyk, a senior analyst at FXEmpire.com, said in a report. USA futures slid to their lowest level since July 2017.
A similar decline was also reported on the Brent stock exchange in London.