The price of oil rose on Monday ahead of an OPEC meeting later this week, in which top exporters are expected to maintain supply cuts.
WTI Crude is currently up 0.69 percent at $51.02 per barrel, with Brent Crude up 0.69 percent at $52.98 as of 1051GMT.
Oil prices dipped at the start of the month, before gaining again after comments from top exporters that supply cuts agreed last November would be extended.
“Oil soared … as rumours swirled that OPEC… was considering recommending the double whammy of a production cut extension and deeper cuts ahead of this Thursday’s meeting,” said Jeffrey Halley, analyst at futures brokerage OANDA in Singapore told Reuters.
Dollar starts week steady
The US dollar steadied on Monday after a turbulent week last week, with the dollar index inching 0.2 percent higher from its value the previous session.
Last week the currency fell to its lowest level since before the US elections in November, as investors took stock of recent events causing political uncertainty.
The dollar has been volatile since US President Donald Trump fired FBI Director James Comey but quietened slightly after Trump departed for a trip to the Middle East.
The USD is up 0.140 percent against the Yen, but down 0.71 percent against the Euro (1103GMT).