Oil prices rebounded on Monday, as Saudi Energy Minister Khalid al-Falih said it would still take some time for OPEC and its allies to decide whether to change their current output reduction deal and there's little possibility to end the deal before June.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, inked an agreement in December last year to slash 1.2 million barrels per day in production since Jan. 1.

Investors are looking to a meeting between the group and its allies, scheduled for April 17-18, to discuss their future energy policy.

The West Texas Intermediate for April delivery rose 0.72 U.S. dollar to settle at 56.79 dollars a barrel on the New York Mercantile Exchange, while Brent crude for May delivery rallied 0.84 dollar to close at 66.58 dollars a barrel on the London ICE Futures Exchange.