Brent strives to climb off 13-month low

International benchmark Brent maintained its gains in American trade on Monday on track for the first profit in three days away from 13-month lows hit on Friday. 

As of 13:22 GMT, Brent rose to $60.10 a barrel, with a session-high at$60.34, and a low at $58.61. 

Brent lost 5.9% on Friday, the second drop in a row with a 13-month nadir plumbed at $58.42. 

Oil prices lost an average of 11.5% last week, the seventh drop in a row and the longest such streak of losses since June 2015, and the steepest weekly decline in four years. 

Oil prices are down 21% so far this month, heading for another monthly loss on oversupply concerns as major producers around the world pump record-high amounts of crude. 

Some analysts believes another supply glut could occur if the current path is maintained, unless OPEC and Russia intervene again to cut output and underpin prices.