OPEC have agreed to extend production cuts to the end of 2018 as the cartel aim to re-balance the oil market.
OPEC and its allies meet in Vienna this week to discuss production strategies.
Crude oil shifted lower overnight, falling below $55 per barrel.
After a series of arrests of Senior Saudi political and business moguls last weekend, investors are concerned that Saudi Arabia is more risky than previously thought
Oil prices reached $64 per barrel as an anti-corruption crackdown ensues in Saudi Arabia.
Oil marched higher overnight, after Saudi support of the extension of supply cuts until the end of 2018.
Kurdistan has pleaded with Iraqi officials to halt its military operations in return for a suspension of its independence agenda.
Oil prices fell on Friday thanks to a combination of profit-taking and less risk stemming from Kurdistan.
Oil prices moved higher after Iraq-Kurdistan tensions amplified.
The Organization of the Petroleum Exporting Countries (OPEC) are expecting an increase in demand in 2018