Meanwhile, Brent crude futures, the benchmark for oil prices outside the USA, rose 43 cents, or roughly 0.8%, to settle at $56.86 a barrel after touching a more than six-month peak of $56.91 earlier in the session.
Meanwhile, the Nigerian Petroleum Development Company (NPDC), yesterday said it was working to grow its equity production from 180,000 barrels per day (bpd) to 300,000 bpd by 2018 and 400,000 bpd and 500,000 bpd in 2019 and 2020 respectively.
According to the Financial Times, Kurdish exports have risen strongly since 2014, which has allowed the Kurdistan Regional Government to plan for independence from Iraq, despite resistance from the US, Turkey and Iran.
"We are nearing the end of "lower for longer" oil", Mr Luckock said, referring to a term used as far back as April 2015 by BP boss Bob Dudley as a global glut wreaked havoc on crude prices worldwide. "Oil supplies remain plentiful because domestic producers are becoming increasingly efficient at producing crude oil at lower costs, so a $45 per barrel oil market provides more incentive than in the past".
US West Texas Intermediate crude (WTI) dipped 18c, or 0.4%, to $51.96 a barrel by 2.06am GMT after rising 26c in the previous session to just below five-month highs.
Nigeria is pumping below its agreed output cap, its oil minister said.
As of noon on Monday, Brent crude was trading at $57.57 per barrel, an increase of $1.15 from Friday's trading price of $56.42.
The IEA may have published the most bullish oil report so far this year, but according to IEA's chief OPEC oil analyst, Peg Mackey, who spoke at the APPEC conference, a "sharp decline of inventories next year looks unlikely".
The U.S. Energy Information Administration said production from wells in shale formations would rise for a 10th month in a row in October.
Following glut in the worldwide crude oil market, OPEC had required its members to cut down on their oil production quota in order to stabilise prices in the global oil market.
Opec and non-Opec members including Russian Federation met in Vienna last week to discuss their deal to cut production by about 1.8m barrels per day (bpd), which runs to the end of March 2018.
North Sea oil producers seized on surging crude prices this week to hedge output, joining their United States shale oil peers in locking in a floor for future revenue.
USA crude for November delivery CLc1 was down 10 cents at $52.12, after hitting $52.43, a five-month high.
PublicInvest Research has maintained its "overweight" recommendation on the oil and gas (O&G) sector, premised on the stabilisation of prices at higher levels, thereby encouraging a return in activity.