Global benchmark Brent crude futures rose 1.55 per cent to $57.74 per barrel while U.S. benchmark West Texas Intermediate traded up 1.3 per cent at $51.32 per barrel at the time of writing.
USA crude for November delivery was up 53 cents at $51.28 a barrel, close to recent four-month highs.
The Organization of the Petroleum Exporting Countries, Russia and several other producers have cut production by about 1.8 million barrels per day (bpd) since the start of 2017, helping to lift oil prices by about 15 per cent in the past three months.
The U.S. Energy Department said that, as of Sunday afternoon, three refineries in the Gulf Coast region were still shut down and 10 were operating at reduce rates because of Harvey.
The UAE, another key OPEC member, also stated it expects to achieve a compliance rate of almost 100%.
Nigeria has been given another extension in respect of oil production output ceiling, thereby raising hope of her recovering fully from the economic recession she just marginally exited recently.
Brent crude prices continued to march higher Monday amid a growing market consensus that OPEC will likely extend its production-cut deal.
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Earlier, the NTV broadcaster said Turkey had blocked access into the country's southeast from northern Iraq at the Habur border gate.
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The higher price of oil is also expected to translate into higher prices at petrol pumps, which could push inflation above 3%.
Crude inventories rose for a third straight week, building by 4.6 million barrels, about a million more barrels than forecast.
That explains the run-up in oil prices this quarter. Earlier this year, Brent was in a "contango" situation, where nearby contracts traded at a discount to those farther out.
Markets were also eyeing developments in North Korea.
"I really want to be bullish here as the overall picture of oil globally is strong, but I still see red flags, which include CTA buying which implies they may be getting too long", Shelton commented, referring to Commodity Trading Advisors that include hedge funds.
After a recent rise in worldwide crude oil prices due to reduced supply, CPC's average price for crude oil was calculated at US$55.02 per barrel this week, up from US$53.7 per barrel last week, according to its website.