The oil complex has been driven by supply concerns amid prospects that most significant driver in oil price sentiment.

SINGAPORE: Oil prices edged lower on Monday as a rising rig count in the United States pointed to higher production, but prices held near more than three-year highs and were on track to rise for a second consecutive month.

The oil complex has been driven by supply concerns amid prospects of the United States reimposing sanctions on Iran, while OPEC-led producers continue to withhold supplies.

Brent crude futures, the international benchmark, dipped 34 cents, or 0.5 percent, to $74.30 a barrel in early trading. Prices climbed as high as $75.47 last week, levels not seen since November, 2014.

U.S. West Texas Intermediate (WTI) crude futures were at $67.98 a barrel, down 12 cents, or about 0.2 percent, from their last settlement.

"There's a small drop in trading this morning but volumes are low and there's not much commitment in the selling. The overall trend is positive and there's potential for the market to close higher again today," said Michael McCarthy, chief marketing strategist at CMC Markets.

"The underlying strength in crude markets is quite impressive and a lot of it is predicated by sanctions... Other than that it's the demand picture around the globe, and if that continues we could see higher prices."

U.S. drillers added five oil rigs in the week to April 27, bringing the total count to 825, the highest level since March 2015, General Electric's Baker Hughes energy services firm said.

"The increase in rigs is modestly bearish for oil prices because increasing rigs is usually associated with increasing supply," Bill O'Grady, chief market strategist at Confluence Investment Management said in an email.

"However, the increase in rigs was modest and this news is overshadowed by other things, including Angola's production decline, the potential for an end to the Iranian nuke deal, continued threats by Houthis to Saudi oil shipping and infrastructure."

U.S. crude production has soared more than 25 percent since mid-2016 to a record 10.59 million barrels per day (bpd). Only Russia currently produces more, at around 11 million bpd.

Brent prices have gained nearly 6 percent this month, buoyed by expectations the United States will renew sanctions.

U.S. President Donald Trump has until May 12 to decide whether to restore sanctions on Iran that were lifted after an agreement over its disputed nuclear programme.

"Precisely what happens with Tehran's nuclear program remains the most significant driver in oil price sentiment," said Stephen Innes, head of trading for Asia-Pacific at futures brokerage OANDA.

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Definite Trading Range Topple For Malaysia Stock Market

Definite Trading Range Topple For Malaysia Stock Market

The Malaysia securities exchange has moved higher in consecutive sessions, in spite of the fact that it has included only a modest bunch of focuses or 0.3 percent along the way. The Kuala Lumpur Composite Index moved simply over the 1,630-point level, and the business sector is taking a gander at another genuinely level lead for Friday.

The worldwide estimate for the Asian markets is level to higher, with alert liable to rule in front of U.S. work information later today - while a decrease in the cost of unrefined petroleum likewise might be an element. The European and U.S. markets were blended yet minimal changed and the Asian markets figure to take after that lead.

The KLCI completed marginally higher on Thursday taking after increases from the money related shares, manor stocks and mechanical issues.

Among the actives, Sime Darby, Maybank, Tenaga Nasional, Public Bank and AirAsia all completed higher, while MISC and Petronas Chemicals finished lower.

The lead from Wall Street is carefully hopeful as stocks moved higher on Thursday, disregarding a lower open.

The Dow rose 48.89 focuses or 0.3 percent to 17,838.56, while the NASDAQ progressed 19.11 focuses or 0.4 percent to 4,971.36 and the S&P 500 climbed 5.93 focuses or 0.3 percent to 2,105.26.

The recuperation by the business sectors likewise came as merchants looked ahead to the arrival of the nearly observed month to month employments report later today. The information could significantly affect the standpoint for whether the Federal Reserve raises financing costs in the not so distant future.

A decline by the cost of unrefined petroleum weighed on the business sectors ahead of schedule in the session after an OPEC meeting neglected to bring about a concurrence on another yield target.

Nearer to home, Malaysia will discharge April figures for imports, fares and exchange adjust later today.

Fares are relied upon to include 2.0 percent year in the wake of increasing 0.2 percent in March. Imports are called level in the wake of dunking 5.5 percent in the earlier month. The exchange surplus is pegged at 8.62 billion ringgit, down from 11.19 billion a month prior.

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IEA says oil costs may have bottomed out

Oil costs may have bottomed as yield in the United States and other non-OPEC makers is starting to fall rapidly and an expansion in supply from Iran has been not exactly sensational, the International Energy Agency said on Friday.

The IEA, which arranges vitality approaches of industrialized countries, said it now accepted non-OPEC yield would fall by 750,000 barrels for every day (bpd) in 2016 contrasted with its past appraisal of 600,000 bpd.

U.S. creation alone would decrease by 530,000 bpd in 2016, it said.

"There are clear signs that market powers ... are working their enchantment and higher-cost makers are cutting yield," the Paris-based IEA said.

It said yield from the Organization of the Petroleum Exporting Countries fell by 90,000 bpd in February because of generation blackouts in Nigeria, Iraq and the United Arab Emirates.

"In the interim, Iran's arrival to the business sector has been less emotional than the Iranians said it would be; in February we trust that generation expanded by 220,000 bpd and, temporarily, it gives the idea that Iran's arrival will be progressive," the IEA said.

It said that as an aftereffect of these variables, inventories in industrialized part nations of the Organization for Economic Cooperation and Development (OECD) had declined without precedent for a year albeit rough in skimming stockpiling expanded.

The IEA said it in any case saw worldwide oil and item stocks rising intensely in the main portion of 2016 in the range of 1.5-1.9 million bpd yet easing back to only 0.2 million bpd in the second half, versus appraisals of a work of 0.3 million bpd in its past report.

"At costs there might be light toward the end of what has been a long, dull passage, yet we can't be accurately certain when in 2017 the oil business sector will accomplish the highly craved equalization. It is clear that the present heading of travel is the right one, in spite of the fact that with far to go," the IEA said.

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Oil costs fall as oversupply stresses return

Oil fell in Asia on Thursday, finishing a brief rally fed by news US fuel inventories fell after OPEC kingpin Saudi Arabia shot down trusts in a yield cut.

Costs climbed the earlier day as brokers looked past an expansion in US business unrefined inventories to a record high to a fall in supplies of refined items such as fuel.

Be that as it may, stresses over overflowing supplies immediately came back to the fore as trusts the world's top makers had wrapped everything up to confine their yield were quickly dashed.

"OPEC is not going to have the capacity to do anything, that is the truth of it," said Michael McCarthy, boss business sector strategist at CMC Markets Australia.

"It has no ability to facilitate the activities of its individuals so any oil bulls that are depending on OPEC to get together will be extremely frustrated."

At around 0415 GMT, the US benchmark West Texas Intermediate (WTI) for conveyance in April fell 24 pennies, or 0.75 percent, to $31.91. Worldwide benchmark Brent for April facilitated 32 pennies, or 0.93 percent, to $34.09 a barrel.

Rough bounced after significant makers Saudi Arabia and Russia proposed to stop yield in the event that others went with the same pattern, quickly dragging costs from the doldrums after they hit 13-year lows this month.

Oil costs have fallen somewhere in the range of 70 percent from a mid-2014 high over worries of an enduring overflow of supplies, during an era when development in top buyers such as China is abating.

Trusts the Organization of the Petroleum Exporting Countries may trim generation were dashed on Tuesday when Saudi Oil Minister Ali al-Naimi said individuals were rather wanting to stop yield at January's abnormal states.

Key maker and OPEC part Iran, which is inclining up creation after atomic connected Western financial approvals were lifted, has additionally responded coldly to the stop proposition.

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