Oil prices recovered some ground on Monday following last week's big losses, driven by expectations that OPEC will extend a pledge to cut output to cover all of 2017, although a relentless rise in U.S. drilling capped gains. U.S. West Texas Intermediate (WTI) crude oil futures added 23 cents, or 0.5 percent, by 0037 GMT, but were still below the $50 mark pierced on Friday at $49.85 a barrel. Brent crude futures rose 27 cents, or 0.5 percent, to $52.23 per barrel. Oil prices fell steeply last week on the back of stubbornly high crude supplies, despite a pledge by the Organization of the Petroleum Exporting Countries (OPEC) and some other producers to cut production by almost 1.8 million barrels per day (bpd) for six months from Jan. 1 to support the market. U.S. drillers added oil rigs for a 14th week in a row, to 688 rigs, extending an 11-month recovery that is expected to boost U.S. shale production in May by the biggest monthly increase in more than two years.

GET Commodity Market Tips for click here http://www.ripplesadvisory.com/services.php.