US benchmark West Texas Intermediate rose 16 cents to $49.77 a barrel today, while Brent crude fell 25¢ to $59.48.
WTI had lost $1.15 and Brent crude dropped 75¢ on Friday.
The market is feeling the effects as the dollar hit an 11-year high against a number of currencies as the US unemployment rate in February reached 5.5 per cent, its lowest since 2008.
Reuters reports inventories worldwide continue to rise to record levels as production remains well ahead of demand.
OPEC has announced it will continue production at the current rate, choosing to maintain its market share rather than support oil prices. The organisation's Secretary-General Abdullah al-Badri said it would not "subsidise" high-cost shale oil production which is booming in the US and Canada.
Investor confidence seems to back a long-term rise in prices this year. According to Reuters, bets placed last week on higher Brent crude oil prices were at their highest since July 2014. Speculators increased their "long" positions in Brent futures and options by to 5.2 per cent to 192,361.
Crude prices plummeted between June and January, losing 60 per cent of their value. Between January and February, prices recovered by a third due to a continuing harsh winter and supply disruption in the Middle East.
