2018.02.1202:09:00UTC+00 Oil Markets Rally as Equity Markets Stabilize

Oil prices edged up by one percent on Monday, rebounding a portion of the prior week's steep losses as Asian stock markets steadied following days of tumultuous trading.

But the markets are still being weighed down by the increasing production in the U.S. which is hurting efforts led by OPEC and Russia to tighten markets and shore up prices.

Brent crude futures stood at $63.42 per barrel, up 63 cents or 1 percent from the prior close. U.S. WTI crude futures traded at $59.83 per barrel. The prices traded up 63 cents or 1.1 percent from their last close.

The stronger prices came after crude recorded its biggest loss in two years as stock markets fell.

But with U.S. stock markets rebounding on Friday and Asian markets seemingly stabilizing on Monday, analysts said crude was also supported.

But oil markets are still face facing surging U.S. oil production, which has increased above 10 million barrels per day, surpassing top exporter Saudi Arabia and coming within reach of top producer Russia.

This week, U.S. energy firms added 26 oil rigs looking for new production this week, bolstering the count to 791, the highest since April 2015, according to Hughes energy services on Friday.

The surging U.S. production is hurting efforts led by OPEC and Russia to limit production in order to drive up prices.