Oil prices ticked up on Monday, trading around fresh 10-month highs prior to this week's release of closely anticipated monthly reports from the International Energy Agency and the Organization of the Petroleum Exporting Countries.

US WTI futures added 0.3% at $87.73 per barrel, while Brent crude soared by 0.5% to $91.14 per barrel.

After some initial profit-taking, Monday saw the oil market benefit from the dollar's weakening as it dropped from last week's six-month high.

Concerns about the Federal Reserve's ability to maintain higher interest rates for a longer period of time have increased in light of recent indications that the American economy is resilient.

By making crude more affordable for foreign consumers, a falling currency increases global demand for oil.

This week, traders will be concentrating on the monthly reports from the International Energy Agency and the Organization of the Petroleum Exporting Countries in order to have a better idea of how demand will likely fare this year.

The two groups have stated that they anticipate tighter supply to drive higher oil prices this year and that they anticipate continued strong crude demand due to China's economic recovery.