Oil is back on the market's radar, after recent chatter from OPEC representatives fueled new speculation over possible actions from the cartel if prices remained low.
OPEC said earlier this month that it would meet at the sidelines of an energy conference in September. Last week, the biggest OPEC producer, Saudi Arabia, said it was on board with the possibility of discussing actions if prices remained low due to oversupply.
U.S crude futures rallied 9 percent last week, while Brent futures added 6.7 percent.
But experts said they see little chance of an agreement among OPEC members to freeze production. Indeed, earlier this year, OPEC and non-OPEC producers failed to reach an agreement on freezing output levels.
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