Oil prices regained some ground in Monday’s trading session following previous week’s big losses, driven by expectations that OPEC will extend its pledge to trim output to cover all of 2017, although a surge in U.S. drilling capped gains.
U.S. WTI crude oil futures added 23 cents or 0.5% by 0037 GMT, but were still weak, under the $50 mark pierced on Friday, standing at $49.85 per barrel.
Brent Crude futures jumped 27 cents or 0.5% to $52.23 per barrel.
Oil prices tumbled steeply in previous week due to rise in U.S. crude supplies, despite a pledge by OPEC and some other producers to trim production by nearly 1.8 million barrels per day for 6 months.
U.S. driller added oil rigs for 14th week in a row to 688 rigs, extending an 11-month recovery that is expected to aid U.S. shale production in the month of May.
U.S. crude production is at 9.25 million barrels per day, nearly up by 10% since mid-2016.
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