Oil prices rose on Tuesday after news that the world's top producers cut production this month more than forecasters had expected and as the dollar sank.
Prices pared gains after Iraqi Prime Minister Haider al-Abadi said oil prices will not reach "levels desired" by Iraq before the end of 2018 or 2019.
U.S. light crude settled 18 cents a barrel higher at $52.86, but posted its first monthly decline since October. It fell 1.7 percent in January as U.S. supply concern offset production cuts by other producers.
Brent crude oil was up 45 cents a barrel at $55.68 by 2:36 p.m. ET (1936 GMT).
A Reuters survey showed on Tuesday crude oil supply from the 11 OPEC members with production targets averaged 30.01 million barrels per day (bpd) in January, versus 31.17 million in December.