Oil prices edged higher in volatile trading as the market weighed Russia's comments about a possible meeting with Saudi Arabia on possible output cuts against a bigger-than-expected US crude storage build.
Oil fell more than 2 percent to its lowest in three months on Monday, as the prospect of another year of oversupply and weak prices overshadowed chances OPEC will reach a deal to cut output.
Oil prices reversed early losses to push higher on Thursday as markets recovered from their initial shock at US President-elect Donald Trump's surprise victory, although traders said that crude fundamentals remained weak.
Oil edged above $50 a barrel on Thursday as a further drop in US crude inventories countered investor doubts that OPEC will be able to implement a production cut.
Oil prices edged up on Wednesday, supported by record Indian crude imports and upcoming talks between OPEC producers and other oil exporters on curbing output to end a glut in the global market.
Oil prices fell on Monday over doubts that an OPEC-led plan to cut output would rein in a global oversupply that has dogged markets for over two years.
Brent oil futures touched a four-month high on Tuesday as investor confidence grew in last week's deal by oil producers to freeze output levels in order to stem a two-year price rout.
Oil prices rose nearly 3% on Thursday, extending their rally on optimism over Opec's first output cut plan in eight years.
Crude prices rebounded on Monday after Algeria's energy minister said the day before that all options were possible for an oil output cut or freeze at this week's informal meeting of OPEC producers.
Oil prices fell on Friday on worries that US rig counts would continue to rise and that returning Libyan and Nigerian exports would stoke a global supply glut.
Oil prices extended losses in Asia Wednesday on the back of a strong dollar while reported comments by Iran's oil minister that his country planned to boost output ramped up oversupply worries.
Oil futures rose on Tuesday supported by production suspensions in the USGulf due to an expected tropical storm and speculation that producers meeting in Algeria next month will act to prop up prices.
