1st LD Writethru: Oil prices drop as U.S. dollar rebounds

Oil prices declined Monday as U.S. dollar appreciated against other currencies. A stronger greenback made the dollar-priced crude more expensive and less attractive for buyers holding other currencies.

The dollar gained Monday on rising concerns over Greece's debt issues. Greece was in the final stretch to achieve a deal with its international lenders in the following days.

The ample supply also weighed on the crude market.

U.S. crude production added 5,000 barrels to 9.374 million barrels a day at the week ending May 8, the historic high level, according to the weekly report of the Energy Information Administration (EIA).

Total U.S. crude oil production averaged an estimated 9.3 million barrels per day in March. EIA projected an averages 9.2 million barrels per day in both 2015 and 2016 in total U.S. crude oil production.

The output from the Organization of Petroleum Exporting Countries (OPEC) increased by 18,000 barrels to average 30.84 million barrels per day, according to OPEC's monthly report.

Analysts are keeping an eye on OPEC's June 5 meeting. The cartel declined to cut output quota at its November meeting.

Light, sweet crude for June delivery lost 26 cents to settle at 59.43 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for July delivery moved down 54 cents to close at 66.27 dollars a barrel. Endite