Oil held gains after the International Energy Agency said OPEC achieved a record 90 percent initial compliance with a production cut accord, while demand grew faster than expected. Futures were little changed in New York after rising 3.2 percent the previous three sessions.

Oil prices were stable on Friday, supported by strong Chinese crude imports and OPEC-led production cuts, although ample U.S. fuel inventories weighed on the market. Brent crude futures, the international benchmark for oil prices, were trading at $55.68 per barrel at 0427 GMT, up 5 cents from their previous close.

Oil prices rose on Thursday, boosted by an unexpected draw in U.S. gasoline inventories, although bloated crude supplies meant that fuel markets remain under pressure. Brent crude futures, the international benchmark for oil prices, were trading at $55.41 per barrel at 0515 GMT, up 29 cents, or 0.5 percent, from their last close.

Oil prices dropped on Wednesday to extend falls from the previous day, as a massive increase in U.S. fuel inventories and a slump in Chinese demand implied that global crude markets remain oversupplied despite OPEC-led efforts to cut output. International Brent crude futures were trading at 54.70 per barrel at 0758 GMT, down 35 cents, or 0.64 percent, from their previous close.

Oil prices slipped on Tuesday as lower production by OPEC and other exporters was undermined by growing evidence of a revival in U.S. shale production and sluggish demand. Benchmark Brent crude was down 30 cents at $55.42 a barrel by 1330 GMT.

Oil was stable on Tuesday after falls the previous session, with markets torn between mixed price indicators that have kept crude range-bound for much of the year. Brent crude futures, the international benchmark for oil prices, were trading at $55.77 per barrel at 0753 GMT, up 5 cents from the last close.

BP missed quarterly profit forecasts as annual earnings fell for a second year after average yearly oil prices hit their lowest in 12 years but said it expected producers’ output cuts to keep prices above $50 a barrel this year. BP’s annual profits slumped to their lowest level in at least a decade to $2.59 billion, while fourth-quarter profit missed analysts’ forecasts hit by $328 million in one-off charges.

Oil traded near $54 a barrel as increased tension between Iran and the U.S. countered expectations of rising American production. Futures rose 0.2 percent in New York, extending a third weekly gain.

Oil prices edged up on Monday on fears that new U.S. sanctions against Iran could be extended to affect crude supplies, but markets were capped by further signs of growing U.S. production. Tensions between Tehran and Washington have risen since a recent Iranian ballistic missile test which prompted U.S. President Donald Trump’s administration to impose sanctions on individuals and entities linked to Iran’s elite Revolutionary Guards military unit.

Oil prices edged up on Friday on news that U.S. President Donald Trump could be set to impose new sanctions on multiple Iranian entities, firing geopolitical tensions between the two nations. Comments by Russian energy minister Alexander Novak that oil producers had cut their output in accordance with a pact agreed in December also helped support prices, analysts said.

OPEC’s production cuts have already turned oil speculators the most bullish in a decade. As their effect is felt, crude could become even more alluring.

Oil prices were little changed in U.S. trade on Thursday, retracing early gains as traders grew less concerned about mounting tensions between the United States and Iran, but prices were still supported by evidence that OPEC and other big exporters were cutting production. “Traders seem to have concluded the dispute between the U.S. and Iran over a recent missile test represents more of a war of words than the start of a military confrontation that would put supplies from the wider Persian Gulf at risk,” Tim Evans, Citi Futures’ energy futures specialist, said in a note.

Oil prices were little changed in U.S. trade on Thursday, retracing early gains as traders grew less concerned about mounting tensions between the United States and Iran, but prices were still supported by evidence that OPEC and other big exporters were cutting production. “Traders seem to have concluded the dispute between the U.S. and Iran over a recent missile test represents more of a war of words than the start of a military confrontation that would put supplies from the wider Persian Gulf at risk,” Tim Evans, Citi Futures’ energy futures specialist, said in a note.

Oil prices rose on Thursday as evidence that OPEC and other big exporters were cutting production outweighed a sharp rise in U.S. crude and gasoline stockpiles. Brent crude was up 50 cents at $57.30 a barrel by 1145 GMT after settling up $1.22 in the previous session.

Oil prices fell on Thursday after official data showed U.S. crude and gasoline stockpiles rose sharply, although signs that OPEC and other producers are holding the line on output cuts are helping support prices. Brent crude futures fell 28 cents, or 0.5 percent, to $56.52 a barrel as of 0410 GMT after settling up $1.22 in the previous session.

Crude purchases in one corner of the oil market by a Chinese trader are contributing to the shake-up of supply flows across the globe. China National United Oil Co.

Oil steadied on Wednesday as Russia joined OPEC in cutting production to try to balance the market, although plentiful supply in places such as the United States dragged on prices. Brent crude futures, the international benchmark for oil prices, were trading at $55.63 per barrel at 0749 GMT , up 5 cents from their last close.

Oil prices fell on Tuesday as rising U.S. drilling activity offset efforts by OPEC and other producers to cut output in a move to prop up the market. Brent crude futures, the international benchmark for oil prices, were trading at $55.10 per barrel at 0516 GMT, down 13 cents from their last close.

Money managers are the most optimistic on West Texas Intermediate oil prices in at least a decade as the Organization of Petroleum Exporting Countries and other producers reduce crude output. Saudi Arabia has said more than 80 percent of the targeted reduction of 1.8 million barrels has been implemented.

Money managers are the most optimistic on West Texas Intermediate oil prices in at least a decade as the Organization of Petroleum Exporting Countries and other producers reduce crude output. Saudi Arabia has said more than 80 percent of the targeted reduction of 1.8 million barrels has been implemented.

Oil headed for a second weekly increase as OPEC and other producing nations maintained they would achieve their target of cutting production to reduce bloated global inventories and stabilize the market. Front-month futures in New York are up 2.3 percent for the week, set for the biggest advance since Dec. 2. OPEC and other producers are due to reach the 1.8 million-barrel-a-day reduction target next month, Algeria’s Energy Minister Noureddine Boutarfa said Thursday.

If you want an idea of where the oil market is headed, the first thing you need to read is a conference call transcript from Schlumberger . As the world’s largest oil services company, it has connections with just about every producer out there, from the titan Saudi Aramco to the small mom-and-pop shops in the U.S. That extensive network gives the company a pretty good pulse of the market.

Oil prices rebounded on Wednesday, reversing earlier losses even after data showed a build in U.S. crude inventories, reinforcing traders’ sentiment that oil is trapped in a range by expected OPEC production cuts and U.S. output growth. U.S. crude futures for March delivery were up 0.02 cent, or 0.04 percent, to $53.20 per barrel after earlier dropping to as low as $52.56 per barrel.

Brent crude’s spot price rose a whopping 50.1% last year, and WTI crude oil was up 44.8%. Despite last year’s rise, there are some signs that 2017 could be an even better year for oil prices.

Oil prices were steady on Tuesday as news of lower production by OPEC and other key exporters was balanced by reports of more drilling and higher output in the United States. Benchmark Brent crude was down 5 cents at $55.18 a barrel by 1150 GMT, while U.S. light crude rose 5 cents to $52.80.

Oil advanced as Iraq said it’s close to implementing its share of pledged output curbs agreed with OPEC to trim bloated global inventories and stabilize the market. Futures rose as much as 0.6 percent in New York after dropping 0.9 percent on Monday.