Oil has risen more than 8 percent so far this year to trade near its highest levels since 2015.
Even though data from Baker Hughes showed U.S. drillers added rigs last week, some analysts have revised upward their projections for where prices are headed.
Morgan Stanley raised its forecast for WTI to $56 a barrel from an earlier estimate of $48 for the last quarter of the year in part due to stronger demand for the commodity. Another expert, however, said geopolitical uncertainty in the Middle East was "detrimental" to WTI prices in the long term.
West Texas Intermediate crude traded at $56.80 a barrel early on Monday.