Oil prices decline on concerns about the global glut of oil

Oil prices traded lower on concerns about the global glut of oil. Investors are focusing on the release of the number of oil rigs in the U.S. The oil driller Baker Hughes reported that the number of active U.S. rigs declined by 11 rigs to 668 last week, the lowest weekly level since September 2010.

Combined oil and gas rigs fell by 11 to 894, the lowest level since June 2009.

Investors are also cautious that U.S. oil producers could increase its oil production due to higher oil prices.

The Wall Street Journal reported today that the Organization of the Petroleum Exporting Countries (OPEC) forecasts that oil prices will be about $76 a barrel in 2025. OPEC doesn't see oil prices trading at $100 a barrel in the next decade, according to its latest strategy report, seen by The Wall Street Journal.

The Wall Street Journal also said that the report recommends that OPEC reintroduce the production quota system it abandoned in 2011.

WTI crude oil for June delivery fell to $58.87 a barrel on the New York Mercantile Exchange. Brent crude oil for June declined to $64.83 a barrel on ICE Futures Europe.