Chesapeake Energy Corporation (NYSE:CHK) fell -0.09% and to closed at $5.66 on Monday Real Time (12:23PM EST).  Oil prices edged higher on Monday as investors showed record confidence that prices would rise further, though gains were capped by the prospect of faster growth in U.S. oil production. On its second to last day as the front-month contract, Brent futures for April delivery were up 16 cents, or 0.3 percent, at $56.15 a barrel by 11:24 a.m. EST (1624 GMT). U.S. West Texas Intermediate crude (WTI), meanwhile, was up 21 cents, or 0.4 percent, to $54.20 per barrel. Investors now hold 951,312 lots’ worth of U.S. and Brent crude futures and options, equivalent to nearly 1 billion barrels of oil valued at more than $52 billion, based on current Brent and WTI benchmark prices.

“With speculators increasing their bullish bets on U.S. crude to an all-time high, the risk of disappointment and subsequent downward spiral in prices has never been greater,” oil brokerage PVM’s Stephen Brennock said.

“It would appear OPEC has done a commendable job of stabilizing the market. But we are also of the opinion that their intended stability is likely attached to a $60 price handle rather than $50,” Jim Ritterbusch, president of Chicago-based energy advisory firm Ritterbusch & Associates, said in a note.

According to oilandgasinvestor, Russia may cut oil production as part of an OPEC-led agreement designed to boost prices faster than it had previously expected, if its domestic companies are able, Energy Minister Alexander Novak said on Feb. 27.

Russia had said it would cut oil output by 200,000 barrels per day (Mbbl/d) by the end of the first quarter compared with October’s levels, and by a further 300 Mbbl/d in April as part of the global deal.

“We will be aiming to cut faster … Depending on companies’ capabilities,” Novak told reporters on the sidelines of a conference in the Black Sea resort of Sochi.

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