Investing.com - Crude oil futures edged higher on Monday, recovering from the previous week's sharp losses as investor confidence recovered in end of the year trading.
On the New York Mercantile Exchange, U.S. crude oil for delivery in February traded up $0.07 or 0.11% to $57.20 a barrel during European early afternoon trade.
Prices rallied $2.77 or 5.10% on Friday to settle at $57.13.
Futures were likely to find support at $54.42, Friday's low and resistance at $59.79, the high from December 12.
Oil prices came under pressure last week amid concerns of a global supply glut, with investors searching for new support levels.
Despite an improving U.S. economy, headwinds continue to cool European and Asian economies and hamper demand for fuel and energy, while unrest in the Middle East and Ukraine has failed to disrupt supply as once feared.
On Sunday, Saudi Arabia Oil Minister Ali al-Naimi said that lower crude prices would help demand by stimulating the economy and slow down supply growth.
He also said that his country is prepared to increase its oil output to meet the demands of any new customers.
Elsewhere, on the ICE Futures Exchange in London, Brent oil for February delivery edged up $0.23, or 0.37%, to hit $61.61 a barrel, with the spread between the Brent and the WTI crude contracts stranding at $4.41.