Crude prices rise within tight range

Crude prices rose on Monday amid expectations of further production cuts by OPEC to underpin prices, even as U.S. shale production and oil rigs increase.
 
U.S. crude futures last traded at $53.70 a barrel, up from the opening price of $53.42, with a session-high at $53.85, and a low at $53.33.
 
OPEC's members have committed to cutting production towards the target of 1.8 million bpd in cooperation with other producer like Russia, while opening the door for more cuts in order to restore balance in the markets.
 
U.S. oil rigs rose for the fifth week in a row, while U.S. crude inventories increased for the seventh week in a row, indicating increasing production efforts.
 
Crude's gains were limited in the end within a recent range, due to conflicting factors, between OPEC's production cuts and U.S. shale production increases.