Oil gains

Singapore

Oil prices rose on Monday, with the market set to rise for five out of seven sessions as a global supply glut appears to ease, but rising U.S. production limited gains.

Brent crude oil climbed 0.7 percent to $56.39 per barrel by 0628 GMT, while U.S. West Texas Intermediate added 0.6 percent to $54.31 a barrel.

Oil prices tumbled on Friday after data from U.S.Energy Information Administration showed U.S. crude inventories rose for a seventh straight week.

But the market has been supported within a tight $4 to $5 range since November, when the Organization of the Petroleum Exporting Countries (OPEC) and other producers agreed to cut production.

EIA data showed stocks rose 564,000 barrels to 518.7 million last week.

"However, it was the lowest increase over the past couple of months.