They include unprecedented high conformity levels among the 24 participating nations in terms of the production adjustments, strong oil demand growth, and slower than anticipated growth in US tight oil supply.
Investors are looking forward to data that will show the state of the oil market and the impact of high oil prices on global consumption.
Oil hovered near a three-year high above $US70 ($F141) a barrel on Monday on signs that production cuts by OPEC and Russian Federation are tightening supplies, although analysts warned of a "red flag" because of surging U.S. production.
This restraint, reports said has coincided with healthy oil demand and economic growth, pushing up crude prices by more than 13 per cent since early December.
The price for Brent crude oil was down 0.17 percent at 9:17 a.m. EST to $69.75 per barrel.
As at yesterday evening, Brent crude oil price settled at N69.87 per barrel while the West Texas Intermediate (WTI) sold at N64.30 per barrel.
"You still have some speculators that are aiming for prices going higher but you will also find the resistance from some producers that are hedging", said Olivier Jakob, managing director of Petromatrix, an oil research firm in Switzerland. Brent had on Monday rose to $70.37 a barrel, its highest since December 2014. The global benchmark hit a peak of US$70.37 on Monday, matching a high from December 2014 at the start of a three-year market decline.More news: Walmart Launches Free Opioid Disposal Packets
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On Friday, markets wavered but eventually rallied after U.S. President Donald Trump made a decision to extend a waiver on oil-related sanctions for Iran under the terms of the multilateral Joint Comprehensive Plan of Action.
Late previous year, the situation was supported further when the Organization of Petroleum Exporting Countries chose to extend its effort to balance the market with production cuts through 2018.
The restraint has coincided with healthy oil demand, pushing up crude by nearly 15 per cent since early December. Backwardation in oil prices-a situation that sees prices for oil for delivery in the near future higher than those for later deliveries-is "likely to persist as inventories are set to remain tight putting upward pressure on prices", they said.
Other U.S. banks, including Bank of America Merrill Lynch and Morgan Stanley, have upped their price forecasts.
One factor that in 2017 prevented crude prices from rising further was a surge in USA production.
Investigations also showed that US crude stocks fell by 11.2 million barrels in the week to January 5 to 416.6 million barrels, industry group, the American Petroleum Institute, said on Tuesday.