Oil rose more than 1% on Monday, boosted by a commitment from OPEC to stick to a deal to cut output, but prices remained more than $7 below last month's high due to persistent doubts over the feasibility of the group's plan.
Crude oil prices fell sharply at the end of last week and have extended their losses as the new week begins. At the time of this writing, Brent oil was back at $50 per barrel and WTI was hovering around $48.50, a good 6% off its high on Thursday.
Oil prices jumped over 2% on Monday to their highest since November 2015 on growing Nigerian oil output disruptions and after long-time bear Goldman Sachs said the market had ended almost two years of oversupply and flipped to a deficit.
Crude oil prices rose about 3% on Tuesday, recovering a chunk off losses from the previous session, as supply disruptions of 2.5 million barrels per day in Canada and elsewhere offset concerns about growing record high U.S. crude stockpiles.