Oil prices extend declines on oversupply worries

Oil prices extended declines into a third session on Monday, dragged down by worries about oversupply as OPEC saw record output last month and as the U.S. rig count rose again. London Brent crude for January delivery was trading down 3 cents at $44.72 a barrel, after settling down $1.09 on Friday. Oil has been under pressure after the Organization of the Petroleum Exporting Countries (OPEC) said on Friday that its output rose to 33.64 million barrels per day (bpd) last month, up 240,000 bpd from