Investing.com - Crude oil prices started the week a shade higher on Monday, after tumbling at the end of last week, when oversupply worries brought an end to a recent rally.
U.S. West Texas Intermediate (WTI) crude futures inched up 10 cents, or around 0.2%, to $49.39 a barrel by 3:05AM ET (0705GMT). It touched its lowest level since Sept. 13 at $49.10 in the last session.
WTI prices slumped about 5% last week to halt a four-week win streak, as concerns of overproduction resurfaced.
There will be no floor trading on the Nymex on Monday because of the Columbus Day holiday in the U.S. All electronic transactions will be booked with Tuesday's trades for settlement.
Meanwhile, Brent crude futures, the benchmark for oil prices outside the U.S., tacked on 11 cents, or about 0.2%, to $55.73 a barrel. It had reached its lowest in nearly three weeks on Friday.
The global benchmark closed last week with a loss of approximately 3.5%, its first weekly decline in six weeks.
Prices remained supported as traders weighed the likelihood that OPEC-led production cuts will be extended through next year.
The original deal, struck nearly a year ago between OPEC and 10 other non-OPEC countries led by Russia, was to cut production by 1.8 million barrels a day for six months. The agreement was extended in May of this year for a period of nine months until March 2018 in a bid to reduce global oil inventories and support oil prices.
The cartel's next meeting is set for November 30 in Vienna.
In the week ahead, market participants will eye fresh weekly information on U.S. stockpiles of crude and refined products on Wednesday and Thursday to further weigh what the impact of recent storm activity was on supply and demand.
The reports come out one day later than usual due to the U.S. Columbus Day holiday on Monday.
Oil traders will also focus on monthly reports from the Organization of Petroleum Exporting Counties and the International Energy Agency on Wednesday and Thursday respectively to assess global oil supply and demand levels.
The data will give traders a better picture of whether a global rebalancing is taking place in the oil market.
The market is also waiting on President Donald Trump’s decision on Thursday on whether or not to certify Iran’s compliance with the international nuclear deal. The Persian nation is an OPEC member and key Middle Eastern oil producer.
Elsewhere on Nymex, gasoline futures shed 0.6 cents, or 0.4%, to $1.550 a gallon, while heating oil slipped 0.5 cents, or 0.3%, to $1.738 a gallon.
Natural gas futures inched up 0.6 cents, or 0.2%, to $2.869 per million British thermal units.