Investing.com - Oil was higher Monday in a relief rally after the French election outcome.
Market-friendly candidate Emmanuel Macron won the first round of the French presidential poll.
Macron is expected to beat anti-euro candidate Marine Le Pen in next month's run-off.
U.S. crude was up 35 cents, or 0.71%, at $49.97 at 08:00 ET. Brent crude added 37 cents, or 0.71%, to $52.81.
The market remained under pressure from higher U.S. shale output.
Baker Hughes U.S. rig count data Friday showed a rise of five to 688, the highest level in two years.
The number of rigs operating in the U.S. has risen for 14 weeks in a row.
U.S. production is offsetting output cuts by major producers.
OPEC and non-OPEC producers are cutting production by 1.8 million barrels a day in the first half.
A decision on a possible extension of that agreement is expected to be taken on May 25.