Oil prices continue growing despite concerns about market oversupply

Brent oil futures were up by 0.19% to $57.03 per barrel, WTI rose by 0.14% to $50.98 per barrel.

Oversupply fears were fueled also by U.S. reports. In the week up to last Friday, total U.S. crude inventories fell by 4.3 million barrels amounting to 461.4 million barrels, according to the Energy Information Administration data, Reuters reported.

Experts forecast that the increase in oil prices will be short-lived as the market continues to be oversupplied relative to demand.