Oil prices fall on profit-taking

NEW YORK, Dec. 4 (Xinhua) -- Oil prices retreated on Monday, as investors were looking for excuses to lock in gains after recent solid gains.

Oil prices extended gains last week, as OPEC (Organization of the Petroleum Exporting Countries) and non-OPEC oil producers decided to prolong the production cuts for an additional nine months.

Traders became cautious after recent sharp rally, as the market eyed rising U.S. production.

The number of rigs operating in U.S. oil fields rose by two to a total of 749 rigs this week, notching the highest level since September, according to oilfield service firm Baker Hughes' weekly report released Friday.

Meanwhile, a strong dollar also weighed on the oil prices on Monday. The dollar index, which measures the greenback against six major peers, was up 0.32 percent at 93.186 in late trading.

The West Texas Intermediate for January delivery decreased 0.89 U.S. dollar to settle at 57.47 dollars a barrel on the New York Mercantile Exchange, while Brent crude for February delivery shed 1.28 dollars to close at 62.45 dollars a barrel on the London ICE Futures Exchange. Enditem