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.

Oil prices fell about 1 percent on Monday as signs of a strong recovery in U.S. drilling overshadowed news that OPEC and non-OPEC producers were on track to meet output reduction goals. Ministers representing members of the Organization of the Petroleum Exporting Countries and non-OPEC producers said at a meeting in Vienna on Sunday that of the almost 1.8 million barrels per day they had agreed to remove from the market starting on Jan. 1, 1.5 million bpd had already been cut.

U.S. oil ticked lower on Monday, falling for the first time in three sessions as prospects of rising U.S. production weighed on the market. U.S. energy companies last week added the most rigs drilling for new production in almost four years.

U.S. oil ticked lower on Monday, falling for the first time in three sessions as prospects of rising U.S. production weighed on the market. U.S. energy companies last week added the most rigs drilling for new production in almost four years.

Untethering the ruble helped Russia ride out the biggest oil downturn in a generation. But it’s left the world’s biggest energy exporter vulnerable to greater volatility in crude prices as OPEC pushes output cuts.

OPEC and other oil producers agreed on a way to monitor their compliance with last month’s historic supply deal, putting global markets on track to re-balance after more than two years of oversupply. The countries have already cut oil supply by 1.5 million barrels a day, more than 80 percent of their collective target, since the deal took effect on Jan. 1, Saudi Arabia’s Minister of Energy and Industry Khalid Al-Falih told reporters in Vienna.

Their bets on rising West Texas Intermediate crude prices reached the highest in data going back to 2006 as the Organization of Petroleum Exporting Countries and other producers reduce output to balance the market. Saudi Arabia, Algeria and Kuwait have already made deeper cuts than required, while Russia has been able to reduce supply faster than expected, ministers from the countries said over the weekend in Vienna as they gathered for the first meeting to monitor adherence to their output-cut accord.

OPEC and key non-OPEC oil producers are near their target of taking 1.8 million barrels of crude a day off global markets less than two months after agreeing to do so in efforts to push up the price of crude, Russia’s energy minister said Sunday. Alexander Novak’s upbeat comments to reporters came at the end of the first meeting of a joint OPEC-non-OPEC committee set up to monitor compliance to the Dec. 10 agreement.

OPEC and other oil producers agreed on a way to monitor their compliance with last month’s historic supply deal, putting global markets on track to re-balance after more than two years of oversupply. The countries have already cut oil supply by 1.5 million barrels a day, more than 80 percent of their collective target, since the deal took effect on Jan. 1, Saudi Arabia’s Minister of Energy and Industry Khalid Al-Falih told reporters in Vienna.

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OPEC and Russia said they are ahead of schedule implementing their historic agreement to curb oil output and boost prices. Saudi Arabia, Algeria and Kuwait have already made deeper cuts than required, while Russia has been able to reduce supply faster than expected, ministers from the countries said as they arrived in Vienna on Saturday.

Oil prices rose more than 2 percent on Friday on expectations that a weekend meeting of the world’s top oil producers would demonstrate compliance to a global output cut deal, but rising U.S. drilling activity limited gains. Members of the Organization of the Petroleum Exporting Countries and some other producing countries including Russia, will meet in Vienna to establish a mechanism to verify compliance with a deal to cut output 1.8 million barrels per day , OPEC’s secretary general told Reuters.