Investing.com - Oil edged higher Monday on favorable expectations of compliance with agreed producer cuts.
Brent crude added 7 cents, or 0.13%, to $55.28 at 07:45 ET. U.S. crude rose 4 cents, or 0.08%, to $52.99.
OPEC has agreed to cut output by 1.2 million barrels a day and non-OPEC producers by 558,000 barrels.
There are signs oil firms are already moving to implement the reductions.
If the cuts are fully adhered to, the International Energy Agency sees a supply deficit in the first half of next year.
Baker Hughes weekly U.S. rig count data Friday showed an increase of 12 to 510, the highest level since the start of the year.
The dollar index was slightly lower. A weaker dollar underpins demand for oil.