Even though data from the industry showed Asian drillers added rigs last week, some analysts have revised upward their projections for where prices are headed.
Morgan Stanley raised its forecast for WTI to $56 a barrel from an earlier estimate of $48 for the last quarter of the year in part due to stronger demand for the commodity. Another expert, however, said geopolitical uncertainty in the Middle East was "detrimental" to WTI prices in the long term.
Crude oil traded at $56.80 a barrel early on Monday.
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