Saudi Arabia, the world’s largest crude exporter, raised pricing for March sales to buyers from the U.S. to Asia as output cuts by OPEC and other producers shore up oil prices.

Brent crude was up 50 cents at $57.30 a barrel by 1115 GMT (6:15 a.m. ET) after settling up $1.22 in the previous session. U.S. light crude gained 30 cents to $54.18 after climbing by $1.07 on Wednesday.

"За январь статистика показывает, что колебания цен были в диапазоне примерно 5 долларов относительно средней, 55 долларов. Можно говорить и о постепенном восстановлении инвестиционной привлекательности отрасли, в этом году впервые за последние три года все участники рынка ожидают увеличения инвестиций в отрасль, что позволит в будущем избежать обвала добычи"

A measure of oil volatility last month averaged the lowest in more than two years and futures in New York have been stuck between $50 and $55 a barrel since OPEC and other producing nations agreed Dec. 10 to reduce output. Price estimates compiled by Bloomberg show crude will average $52 during the first quarter this year, rising to $58 in the last three months of 2017.

Therefore, OPEC has raised its supply to Asia, and Russia has also re-routed a great chunk of its rising production toward China and the Asia-Pacific over the past decade. Russia surpassed Saudi Arabia as China's biggest supplier last year, exporting 1.05 million bpd of crude versus Saudi Arabia's 1.02 million.

China's apparent oil demand slipped into the negative territory in 2016, a sharp reversal from the near 7% growth witnessed a year earlier, as the country's slowest GDP growth in 26 years slashed appetite for industrial and transportation fuels in Asia's biggest oil consuming nation.

Global oil and gas deal activity in 2016 recovered from a slow start to the year with help from the announcements of midstream and oilfield services (OFS) megadeals. Deal value increased in 2016 to US$395 billion from US$340 billion in 2015, while deal volume fell by 27% year-on-year.

Brent crude LCOc1 was up 25 cents at $55.83 a barrel at 0954 GMT, having traded in a narrow 53-cent range so far in the session. U.S. crude CLc1 rose 26 cents to $53.07.

Brent crude oil LCOc1 was down 20 cents a barrel at $55.03 by 0900 GMT. U.S. light crude CLc1 was down 30 cents a barrel at $52.33.

London Brent crude for March delivery had dropped 28 cents to $55.24 a barrel by 0657 GMT, after settling down 72 cents on Friday. NYMEX crude for March delivery was down 23 cents at $52.90 a barrel.