Surging US production is offsetting those efforts by the Organization of the Petroleum Exporting Countries and some other producers including Russian Federation to curb production by 1.8 million barrels per day (bpd) till the end of 2018.
The Organization of the Petroleum Exporting Countries and 10 producers outside the cartel, including Russian Federation, have been holding back crude output by 1.8 million barrels a day since the start of previous year.
West Texas Intermediate for March delivery advanced 82 cents to $62.50/bbl on the New York Mercantile Exchange.
"Oil got mild support from gains in Asian equity markets, but has been getting pressure from the rise in USA rig count and a slight recovery in the dollar".
A weaker greenback potentially supports consumption of dollar-denominated commodities as it makes fuel and raw materials cheaper for countries using other currencies. Brent is now trading at a premium of less than $3 compared to WTI, down from above $7 at the start of 2018.
However, higher United States production seems to be trying to restrain OPEC's efforts.
Prices rose on the back of ongoing weakness in the US-dollar against other leading currencies, further supported by rising stock markets, traders said.
WTI crude futures CLc1 were at $59.06 a barrel, down 13 cents from their last settlement.
In China, January crude oil imports jumped to a new record of 9.57 million bpd, but forecasts of slower GDP growth are making analysts wary of overly optimistic projections.
However, earlier this week both Saudi Arabia and Russian Federation admitted publicly that the metric to measure stockpiles is flawed and must be replaced - which implies that any claim made by OPEC or other parties about the true state of the crude market is questionable at best.
Crude oil prices edged higher on Monday to hit their highest level in almost two weeks, buoyed as Asian shares joined a global recovery in equity markets and by worries over tensions in the Middle East. The dollar was trading at 107.15 yen, up 0.53 percent.
Gold shed 0.3 percent to 1,342.07, while gold futures for the April contract fell by 0.8 percent to $1,344.60.
The increase in US production is not "a blip", Brouillette said.
What he decides to do holds major consequences for Canada - the biggest supplier of both steel and aluminum south of the border. Stepped-up foreign production of steel and aluminum, especially by China, has driven down prices and hurt American producers.
Instagram has started testing a new feature that alerts users when someone tries to snap a screenshot of the stories they share. By screenshotting the Story, you are going against the photographer's wishes - however little they actually care in practice.
Created by the Obama administration through executive action in 2012, DACA now protects almost 700,000 Dreamers from deportation. The judge said the Trump administration can still rescind the program in the future if it does it the right way.
There will be another break in the action in the afternoon, with rain becoming more scattered in nature this evening. The heaviest snow with the second round of precipitation will mainly impact western into central Minnesota.
Guests to Walt Disney World's Hollywood Studios will officially be able to visit's Andy's backyard playsets starting June 30. Toy Story Land is going to be attached to Disney's Hollywood Studios and covers 11 total acres of the park.
Watching a southern storm system that will bring a chance for snow showers later Saturday into Saturday night . Temperatures are expected to rise into the 40s on Sunday afternoon and the snow will begin to melt.
People are buzzing over every detail. "I was very conscious of the time", said Sergeant Dave Beveridge, of the Royal Artillery. The couple married at the same chapel as Harry and Meghan will, and similarly paraded through the streets afterwards.
Canada's Cassie Sharpe wins gold in Olympic freeski halfpipe
She struggled through her runs, including crashing near the end of the third one after a solid performance during the run. She'd talked about the possibility of that victory lap a day earlier, confident she could repeat her qualifying success.
Boston Red Sox sign JD Martinez
From there, Henry doubled down on his criticism of the way former hitting coach Chili Davis had players stepping into the box. That will allow them to keep their ultra-talented outfield of Andrew Benintendi , Bradley and Mookie Betts intact.
Marcelo injured against Betis for Real Madrid
Despite all this, Zidane continues to overlook Asensio when picking his line-up for Los Merengues' crunch fixtures. Real had been decidedly second best in the first half but they were level five minutes after the restart.
Sony chases SoftBank and Toyota in taxi-hailing fray
Sony's ride-hailing service will be based on its artificial intelligence (AI) technology, the company said in a press release . Khosrowshahi, who took over at Uber past year , said in October that "regulating services like Uber is totally appropriate".
Mitt Romney Launches Run For Utah Senate Seat
And on immigration, Mormon voters much more dovish than the immigration hardliners now shaping the debate in Washington . Romney's announcement was expected this week, but was delayed by a day following a deadly school shooting in Florida.
Venus puts United States of America into Fed Cup semis
Williams had been cautious since then and had made a decision to opt out of singles in the Fed Cup tie against the Netherlands. It's her first match so I'm glad she got to see it", Serena said in an on-court interview.
Kuwait pledges $2 billion in loans, investments to Iraq
That the conference is being hosted in Kuwait is of particular significance given the history of animosity between the two states. It took over three years for Iraqi armed forces to fully liberate the country's territory from the clutches of Daesh terrorists.