Oil prices extended their rally into the second week of February in response to an upbeat market assessment in OPEC's latest market report.
The price for Brent crude oil, the global benchmark, was up marginally from the previous close to sell at $58.30 for the March contract early in the trading day Monday.
Though rebounding, crude oil prices are off about 50 percent from their June highs. A late November decision from the Organization of Petroleum Exporting Countries to keep output steady in an effort to protect its market share helped drive crude oil prices lower.
OPEC said in its February market report oil production from non-members was up by about 2 million bpd, driven largely from Latin American, Central Asian and Chinese producers. Production from U.S. shale basins was revised lower and OPEC said production from its members declined by 53,000 bpd.
Crude oil prices had declined in response to a market weighed heavily toward the supply side. On the balance of supply and demand, OPEC said demand for its crude oil is expected to increase slightly for 2015.
On the markets themselves, the 12-member group said "money managers continued to bet on a rebound in oil prices." Oil prices have gained more than 5 percent in recent sessions, with the price for the blends making up the OPEC basket rising nearly 20 percent since the beginning of February.
The price for the U.S. benchmark West Texas Intermediate crude oil moved slightly higher early in the Monday session to trade for $52.47, up nearly 20 percent from its late January low. OPEC said speculators were "bullish" on the U.S. crude oil market.
