Investing.com - Oil was up over 1% Monday after wavering between gains and losses in relatively narrow ranges earlier in the session.
U.S. crude was up 76 cents, or 1.66%, at $46.59 at 08:00 ET. Brent added 87 cents, or 1.81%, to $49.02.
Investors weighed supportive remarks over the weekend by the Saudi and Russian energy ministers against a further increase in U.S. drilling activity.
Baker Hughes Friday reported the U.S. rig count rose by eight to 741 in the latest week.
The number of rigs operating in the U.S. has now risen for 21 weeks in a row.
Higher U.S. production is undermining efforts by major producers to curb output.
OPEC and non-OPEC producers have agreed to extend cuts of 1.8 million barrels a day for another nine months.
Saudi Arabian Energy Minister Khalid al-Falih said Saturday he sees no need to adjust the accord. He said he sees the oil market on track to re-balance.
Investors are looking to OPEC's monthly report due for release on Tuesday.
This will be followed Wednesday by the international Energy Agency's monthly report.