Brent North Sea crude rose to $53.45 a barrel on Monday -- its highest price in a year after President Vladimir Putin indicated Russia was ready to join measures to limit global oil production.
Oil prices fell to their lowest levels since April on Friday, with Brent on track for its biggest monthly loss since December 2015, pressured by slowing economic growth.
Crude prices bounced back on Friday from two-month lows hit in the previous session, but benchmark Brent was in line for its largest weekly decline since January as bearish economic indicators weighed on oil.
Oil prices slumped by more than 6% on Friday after Britain voted to leave the European Union in a landmark referendum, causing huge market uncertainty and fracturing European efforts to forge greater unity.
Oil prices edged up to fresh 2016 highs on Thursday, buoyed by a fall in US crude inventories, a weaker dollar and strong demand, although some analysts warned that the recent rally was starting to look overblown.
Brent crude prices held around $50 a barrel on Friday on signs the market was moving back to more balanced supply and demand, and on an Opec meeting viewed as supportive.
Brent oil futures climbed above $50 a barrel on Thursday for the first time in nearly seven months on signs that a global supply glut is easing, one week ahead of an OPEC meeting.
A huge wildfire near Canada's oil sands region and escalating tensions in Libya stoked concern among investors over a near-term supply shortage, driving crude prices up for the first time in a week on Thursday.
Oil markets steadied on Thursday after scaling 2016 highs for a third day in a row on the back of a weak dollar as investors looked beyond record high US crude inventories and relentless pumping by major producers.
Saudi Arabia will agree to freeze crude oil production levels only if Iran and other major producers do so, the kingdom's deputy crown prince said in an interview with Bloomberg.
Oil futures fell in Asian trade as oversupply, a strengthening dollar and falls in regional stock markets all weighed on sentiment. But another fall in US oil output in January helped to limit the losses.
Oil prices climbed in thin Easter holiday trading on Monday, adding to gains in recent weeks as optimism holds that a production freeze among major producers may be implemented.
