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Crude oil prices rose Monday morning, extending gains from the previous session.

Prices soared Friday when OPEC pledged to increase production by less than the market was expecting.

However, analysts say OPEC is prepared to ramp up production even more.

"Saturday's OPEC+ press conference provided more clarity on the decision to increase production, with guidance for a full 1 million bpd ramp-up in 2H18," Goldman Sachs said in a note on Sunday.

"This is a larger increase than presented Friday although the goal remains to stabilize inventories, not generate a surplus."

WTI light sweet oil was up 47 cents to $69.05 a barrel.