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Oil traded near $49 a barrel as rigs targeting crude in the U.S. rose for a fifteenth week and output from Libya rebounded.

Futuresin New York were little changed after gaining 0.7 percent Friday. The number of oil rigs operating in U.S. fields advanced to the most since April 2015, according to Baker Hughes Inc. Libyas crude productionrebounded to more than 700,000 barrels a day as the OPEC members biggest oil field and another deposit in its western region resumed pumping after a halt.

Oil has fallen the past two weeks amid concern growing U.S. output will offset efforts by the Organization of Petroleum Exporting Countries and its allies to trim a global glut. American production increased to the most since August 2015 and Saudi Arabias Energy Minister Khalid Al-Falih has acknowledged that the first quarter of OPEC-led curbs failed to bring stockpiles below the five-year average.

The rising U.S. rig count will continue to keep a lid on prices until we see inventories come down, said Gary Burton, a Melbourne-based analyst with IG Ltd.The price has flat-lined around this $49 mark and theres little volatility to drive the price from there.

West Texas Intermediate for June delivery traded at $49.25 a barrel on the New York Mercantile Exchange, down 8 cents at 4:10 p.m. in Sydney. Total volume traded was about 53 percent below the 100-day average. The contract on Friday increased 36 cents to $49.33.

Brent for July settlement lost 13 cents, or 0.3 percent, to $51.92 a barrel on the London-based ICE Futures Europe exchange. The global benchmark crude traded at a premium of $2.36 to July WTI. Brent for June delivery expired Friday after adding 29 cents to $51.73.

See also: Oil price optimism wears off as Texas wildcatters drill on

U.S. producers boosted the number of rigs drilling for oil by 9 to 697 machines, according to a report from Baker Hughes on Friday. Libyas Sharara field is currently producing 216,400 barrels a day, while the El Feel, or Elephant, deposit is pumping 26,500 and is expected to boost output further, Jadalla Alaokali, a board member at the National Oil Corp., said Sunday.

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Oil Steady as U.S. Drillers Boost Rigs and Libya Expands Output - Bloomberg