Brent crude steadies above $65

Brent crude reversed early losses to steady above $65 on Monday as signs that US shale output may have started to decline offset the effects of a strong dollar. The number of active US rigs drilling for oil has fallen for a record 20 weeks in a row to its lowest since 2010, according to data from oil services company Baker Hughes, fuelling expectations of a drop in US production. "We believe that the increase in US oil production will slow and that it could also decline in the short term," Germany's Commerzbank said in a note on Monday. Brent edged up 6 cents to $65.34 a barrel by 1328 GMT, having touched a low of $64.60 on dollar strength earlier in the session.