Iran's surging tanker exports were not the only indicator of plentiful supplies
Contracts were largely flat on the week after days of choppy trading
Analysts said that current prices were around break-even levels for many producers
US bank said it expected Brent prices to peak at $59 a barrel by mid-2017
Global benchmark Brent crude futures were up 49 cents at $55.96 a barrel by 0924 GMT
Despite Wednesday's dip in the dollar, analysts expect the greenback to remain strong in the near future
Prices fall due to strong dollar, which rallied to its highest since 2002
Oil futures exchanges were closed on Monday for New Year public holidays
Market watchers said January will serve as an indicator for whether the agreement will stick
Oil prices will gradually rise towards $60 per barrel by the end of 2017
US light crude was down 20 cents at $53.86 by 1130 GMT
Brent crude oil futures fell 13 cents or 0.23% to $56.09 a barrel
Price differentials for lighter crudes could weaken once the supply cut comes into force
Prices were little changed on Friday in a market that closed early for the Christmas holiday
Brent futures for February delivery settled up 59 cents to $55.05, or 1.1 per cent
US crude stocks rose by 2.3 million barrels in the week to Dec 16 even as refineries hiked output
Brent futures for February delivery fell 89 cents, or 1.6 per cent, to settle at $54.46 a barrel
Libya announced the reopening of pipelines after a two-year blockade ended recently
Oil has traded near $50 a barrel since the Opec countries agreed to reduce production for the first time in eight years
Opec agreed to reduce output by 1.2 million bpd from January 1