International benchmark Brent increased 2.62 percent to $71.47 per barrel at 06.28 GMT on Monday, while the American benchmark West Texas Intermediate (WTI) saw prices marginally rebound to $60.98 per barrel.
Brent crude started trading at $69.59 per barrel at 11.45 GMT on Friday, while WTI saw prices of $59.63 per barrel.
Last week, the Energy Information Administration (EIA) said Wednesday that U.S. crude oil inventories surged by 5.8 million barrels last week to 432 million barrels, the highest since early June. According to the EIA's data, U.S. oil production reached a record 11.6 million barrels a day last week compared to 11.2 million barrels during the week before.
On Friday, Brent oil saw an eight-month dip with prices as low as $69.15 per barrel, due to production increases from the U.S., Russia and Saudi Arabia.
In addition, the OPEC and Non-OPEC Joint Ministerial Monitoring Committee, which was held in Abu Dhabi on Sunday, announced a conformity level of 104 percent in October 2018 for countries participating in OPEC's Declaration of Cooperation.
By Gulsen Cagatay