On Monday, crude prices soared with Brent crude set to grow for five out of seven sessions as a global supply glut happens to ease, while surging American output limited profits.
Brent crude futures LCOc1 ascended 0.2%, reaching $56.09 a barrel, while American West Texas Intermediate futures CLc1 gained 0.1%, hitting $54.04 a barrel.
On Friday, crude prices decreased after US Energy Information Administration data revealed that American inventories soared for a seventh straight week.
However, the market has been backed within a tight $4 to $5 range since November, when OPEC along with other crude producers agreed to reduce output.
OPEC’s record compliance with the deal has shocked the market, while the biggest laggards, Iraq and the United Arab Emirates, have promised to catch up with their objectives.
Saudi Arabia has already offered to minimize crude output if rival Iran caps its own crude production this year.
