West Texas Intermediate futures for February delivery rebounded to $30.81 (+1.22%), while Brent crude climbed to $31.15 (+0.94%) after breaching the $30 dollar threshold. However some analysts are still not sure that $30 per barrel was the bottom and that there are signs of trend reversal.

Investors also paid attention to comments by Nigerian oil minister, who said that some OPEC members were calling for an emergency meeting. Cartel members failed to agree on solutions needed to support oil prices when they met on December 4.

This week analysts from Barclays, Macquarie and Bank of America Merrill Lynch revised down their 2016 oil price forecasts. Later today the Energy Information Administration will release its weekly report on U.S. crude oil inventories.