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.
US oil futures held above $50 per barrel on Friday as the entire crude forward curve pushed above that level in a sign that financial markets have increasing confidence in the sector.
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.
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 prices fell in Asia on profit-taking Friday following two days of gains, with concerns about a global oversupply keeping optimism in check.
Oil prices extended their decline in Asia Tuesday as the global glut returned to focus, while worries about the effects of Turkey's coup on shipments also eased.
Oil prices extended their rise in Asia Monday as robust economic data from the United States and China fuelled hopes of a pick-up in demand from the world's top two economies.
Oil prices fell on Friday, as a stronger dollar pulled crude off the 2016 highs hit this week, although strong refinery demand and global supply disruptions lent some support.
Oil prices edged down slightly Tuesday but held around 11-month highs thanks to a weaker dollar and forecasts for another drop in US inventories.
Oil prices pushed higher Monday thanks to a softer dollar after last week's well-below-forecast US jobs report, but the gains were limited as producers increased their rig count as the commodity held around the key $50 level.
