Brent traded roughly flat on Monday, under pressure from signs of increased U.S. drilling and uncertainty surrounding a meeting of the world's major exporters to discuss freezing output.

U.S. energy firms last week added one oil rig after 12 weeks of cuts, according to data from industry firm Baker Hughes. Oil rigs have fallen by two-thirds over the past year to their lowest since 2009.

"The rebound in crude oil prices in the last month appears to have stabilized the number of rigs at work in the U.S. shale sector," ANZ said in a note to clients. 

Oil hit a 2016 high last week, encouraged by optimism that OPEC and its major non-OPEC counterparts could strike a deal next month to leave supply unchanged at January's levels. That could help mitigate one of the largest global build-ups of unwanted crude in modern times.