During Asian trade, Brent crude futures was off 0.68 percent to $55.53 a barrel and U.S. crude fell 0.75 percent to $52.93. after both crude futures jumped more than 1 percent last Friday on the back of the softer dollar.
The Organization of Petroleum Exporting Countries (OPEC) Secretary Mohammad Sanusi Barkindo told reporters ahead of CERAWeek energy conference in Houston that OPEC will decide in May whether to extend its production deal with non-OPEC members. Barkindo added that a monitoring committee will meet on March 25.
Markets stateside posted weekly gains last Friday, after Federal Reserve head Janet Yellen emphasized the possibility of a rate hike this month.
The Dow Jones industrial average rose just 0.01 percent to 21,005.71, the S&P 500 index lifted 0.05 percent to 2,383.12 while the Nasdaq composite finished up 0.16 percent to 5,870.75.
Expectations for a Fed rate increase in March were up at 79.7 percent, according to CME Group's FedWatch tool, but the risk of a weak nonfarm payrolls report due this Friday remains.
In other news, Deutsche Bank plans to raise capital and list its asset management business and overhaul its business structure after spending two years dealing with past scandals and massive losses, Reuters reported.
The dollar index, which tracks the greenback against a basket of major currencies, was trading at 101.48 after falling from the 102 handle last week on Yellen's rate rise comments. The yen strengthened against to greenback to 113.72, earlier above 114, as the Australian dollar tracked $0.7587.
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