Investing.com - Oil edged higher Monday as a further pick-up in U.S. drilling activity fueled concerns about higher shale output.
U.S. crude was up 12 cents, or 0.24%, at $50.72 at 08:00 ET. Brent crude rose 6 cents, or 0.11%, to $53.59.
Baker Hughes weekly data Friday showed the number of rigs operating in the U.S. rose by 10 to 662.
Higher U.S. supply and inventories are capping gains in oil prices.
OPEC and non-OPEC producers are cutting output by 1.8 million barrels a day in the first half.
Iraq has pledged to fully meet its assigned output cut.
There is talk the accord could be extended beyond June.