Oil prices were little changed on Monday, with few headlines to influence a market waiting to see whether U.S. production from shale fields will grow enough to offset planned output cuts by OPEC, Russia and other producers next year.
Brent crude futures traded at $54.93 per barrel at 2:35 p.m. ET (1935 GMT), down 28 cents from their last close.
U.S. West Texas Intermediate (WTI) crude futures were up 22 cents $52.12 a barrel on its last day as the front-month contract.
"Implied U.S. output increases...will offset a significant portion of the planned OPEC production cuts especially since we don't anticipate sustained strong compliance," Jim Ritterbusch, president of Chicago-based energy advisory firm Ritterbusch & Associates, said in a note.
"While adherence to (OPEC) cutbacks could be quite high initially, we will be surprised by compliance much above 60 percent by the end of the first quarter as (U.S.) shale responds to a higher price environment," Ritterbusch said.