Monday saw a little increase in oil prices as major producers Saudi Arabia and Russia announced they would maintain additional voluntary cuts in oil production through the end of the year, keeping the market tight. Investors were also on the alert for stronger U.S. sanctions on Iranian oil.

Brent crude advanced by 0.41% to $84.89 per barrel meanwhile WTI added 0.51% to 80.92 per barrel.

According to a statement from a ministry of energy source, Saudi Arabia affirmed that it will carry out its further voluntary cut of 1 million barrels per day (bpd) in December in order to maintain output at about 9 million bpd. The move made by Saudi Arabia was expected by analysts.

Additionally, Russia declared that it would carry out an extra voluntary 300,000 barrel per day supply cut from its exports of petroleum products and crude oil through the end of December.

Last week, both the Brent and WTI contracts saw their second weekly declines, falling almost 6% as the geopolitical risk premium decreased as US officials met with regional leaders to reduce the possibility that the Israel-Hamas fighting would spark a wider Middle East conflict.

Following the announcement of dismal October industrial data last week by the world's second-largest oil user, China, investors are keeping a close eye on more economic data this week.