Crude prices inched up on Friday after dropping to their lowest in more than three months the session before, pressured by concerns that a global supply glut is proving stubbornly persistent. U.S. West Texas Intermediate crude was up 37 cents, or 0.8 percent, at $49.65 a barrel at 0604 GMT.

Oil prices climbed on Thursday after sharp losses the session before, buoyed by strong compliance with touted international production cuts, although a surge in U.S. crude inventories continued to drag. The Organization of the Petroleum Exporting Countries and other oil producers reached an agreement last year to cut output by almost 1.8 million barrels per day in the first half of 2017, with investors paying close attention to levels of compliance with the landmark deal.

Oil prices were little changed for a third session on Tuesday, with investors searching for direction as concern over rising U.S. shale output offsets production cuts by OPEC and non-OPEC members. As of 0545 GMT, brent crude was down 11 cents, or 0.2 percent, at $55.90 a barrel, with a firmer dollar, unchanged against a basket of other currencies, putting some pressure on dollar denominated oil prices.

OPEC Secretary General Mohammad Sanusi Barkindo said that while it is “premature” to say for certain whether the oil cartel will extend its production cuts past May, the current cuts could be described as “so far, so good.”

Crude oil fell for a third consecutive session on Thursday as a record build-up in U.S. stockpiles weighed on the market, with producers boosting shale oil production. Crude stockpiles in the United States, the world’s top oil consumer, rose by 1.5 million barrels last week, less than forecast, but touching a record at 520.2 million barrels after eight straight weekly builds.

The United States Oil Fund , which tracks West Texas Intermediate crude oil futures, and the United States Brent Oil Fund , which tracks Brent crude oil futures, and other oil-related exchange traded products remain beholden to the Organization of Petroleum Exporting Countries .

Crude oil lost more ground on Wednesday with rising U.S. oil output adding pressure on the market, although OPEC production cuts continued to offer support. Investors in the oil market are awaiting weekly inventories data from the U.S. Energy Information Administration due at 1530 GMT on Wednesday.

Global oil prices were broadly flat on Tuesday, continuing to trade in a tight range with OPEC’s bullish production cuts offset by increasing crude production from the United States. The Organization of the Petroleum Exporting Countries has so far surprised the market by showing record compliance with oil-output curbs, and could improve in coming months as the biggest laggards – the United Arab Emirates and Iraq – pledge to catch up quickly with their targets.

Oil prices rose on Monday as investors showed record confidence in prices rising further, though gains were capped by the prospect of faster growth in U.S. oil production. Brent crude oil rose 55 cents to $56.54 a barrel by 1053 GMT, while U.S. West Texas Intermediate added 39 cents to $54.38.

U.S. oil prices fell on Friday after official data released late on Thursday showed stockpiles rose last week for a seventh straight week, although losses were muted as inventory growth was well below expectations. There were also signs that traders are starting to shift crude stored on tankers in Asia and tanks in the U.S. U.S. West Texas Intermediate was down 16 cents at $54.29 by 0728 GMT.

U.S. oil prices fell on Friday after government data released late in the previous session showed stockpiles rose last week for a seventh straight week, although losses were muted as inventory growth was well below expectations. U.S. West Texas Intermediate fell 12 cents, or 0.2 percent, to $54.33 a barrel by 0323 GMT, having closed up 1.6 percent in the previous session.

OPEC and Russia will need to prolong their six-month deal to cut oil output if they plan to trim the global inventory glut that has kept a lid on prices, said Total SA Chief Executive Officer Patrick Pouyanne. “If they want really to have an impact on the market, which means to have the inventories going down because inventories are quite high, it will have to be extended beyond May,” Pouyanne said Tuesday in a Bloomberg television interview in New York.

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U.S. crude futures rose for a second day on Tuesday, with data showing hedge funds are betting big across oil markets following OPEC production cuts agreed last year. U.S. West Texas Intermediate crude was up 27 cents, or 0.5 percent, at $53.67 a barrel at 0511 GMT, after rising about 0.5 percent in a shortened session on Monday due to a U.S. national holiday.

Oil edged up on Monday, as investor optimism over the effectiveness of producer cuts encouraged record bets on a sustained price rise, although growing U.S. output and stubbornly high stockpiles kept price gains in check. Top OPEC exporter Saudi Arabia’s crude oil shipments fell in December to 8.014 million barrels per day from 8.258 million bpd in November, official data showed on Monday.

Oil prices rose on Monday but gains were limited as investors gauged whether an increase in U.S. drilling rigs and record stockpiles might offset the existing push by producers to cut output and bring the market into balance. Brent futures were up 33 cents at $56.14 a barrel at 1235 GMT, while U.S. West Texas Intermediate crude rose 23 cents to $53.63.

Oil prices rose on Monday but the gains were limited as investors gauged whether an increase in U.S. drilling rigs and record stockpiles would undermine efforts by producers to cut output and bring the market into balance. Brent futures were up 17 cents at $55.98 a barrel at 0616 GMT, while U.S. West Texas Intermediate crude was up 15 cents at $53.55.

Oil looks ripe for a very big selloff. Record inventories. Record inventories in gasoline.

Oil slipped on Friday, pressured by growing global stocks, while expectations that an oil output cut by producers might eventually balance the market helped to underpin prices. Both appeared on track for losses on the week, though prices had moved higher earlier in the session in response to news that producer group OPEC could extend an output cut aimed at reining in a global supply overhang.

Oil prices edged up on Friday, lifted by a report that producer club OPEC could extend an output cut aimed at reining in a global fuel supply overhang. Brent crude futures were trading at $55.76 per barrel at 0311 GMT , up 11 cents from their last close.

Oil slipped further below $56 a barrel on Wednesday as an industry report showing a large rise in U.S. crude inventories signaled ample supply, even as OPEC achieves record compliance with its supply-cut accord. U.S. inventories rose by a larger-than-expected 9.9 million barrels last week, the American Petroleum Institute trade group said on Tuesday, ahead of the Energy Information Administration’s official supply report.

Oil prices dipped on Wednesday over concerns that OPEC producers would not be able to maintain their high compliance so far with output cuts aimed at reining in a global fuel supply overhang. Brent crude was trading at $55.62 per barrel at 600 GMT, down 35 cents, or 0.63 percent, from its last close.

Oil prices were stable on Monday on signs that OPEC-led production cuts were reducing global overproduction, although bloated inventories and rising output elsewhere were weighing on markets. Brent crude futures were trading at $56.72 per barrel at 0752 GMT, up 2 cents from their previous close.