Oil rose for a third straight session on Monday as OPEC forecast greater demand for crude this year than previously thought and projected less supply from countries outside the group.
Data from last week showing the U.S. oil rig count at a three-year low also bolstered prices, which were attempting to find a floor after a brutal selloff in crude that wiped out over half of the market's value since June.
Benchmark Brent oil futures were last up 60 cents, about 1 percent, above $58 a barrel, after revisiting Friday's one-week peak of $59.06.
U.S. crude futures, or WTI, settled up $1.17, at $52.86 a barrel after rising to $53.40 earlier.
WTI's front-month contract, March CLH5, was at its narrowest discount in a week to the second month, April CLJ5, as strong gains in oil for prompt delivery reduced some of "contango" that made it profitable to store crude for future delivery.Both WTI and Brent have gained nearly 20 percent since a Jan. 29 rebound inspired by better confidence in the supply outlook for crude following a seven-month-long selloff that took prices down by more than 50 percent.