U.S. oil prices rose about 1.7 percent to $45.43 a barrel on Monday, while Brent crude – the international benchmark – rallied about 1.6 percent to $48.24 a barrel.
Read MoreNon-OPEC supply set for big fall: IEA
"There are reports that stock piles are at their highest levels ever, when you have supplies at their highest levels, 1.3 billion barrels, this is not the place where you expect oil prices to go up," Erin Gibbs, equity chief investment officer at S&P Capital IQ told CNBC on Friday.
"The lower dollar and Fed can help oil go up short term, but we just don't see the fundamentals and demand to see oil go up right now," she said.
Both Brent and WTI oil have shed about 50 percent of their value in the past year amid hefty supply in global oil markets, reluctance by major oil producers to cut production in the face of tumbling prices and concerns about demand especially as China's economy slows.
"We're negative on oil in the short term -- so over the next 12 months -- because of a supply glut," Patrick Armstrong, CIO, Plurimi Investment Managers to CNBC's "Squawk Box Europe" on Monday.
"There's no way the world gets rid of this supply glut in the next 12 months and long term oil moves higher," he added.