Oil futures climbed almost 1% today, boosted by a falling dollar.

But they remained down for a fifth week in a row and close to a 10-month low as OPEC-led production cuts have failed to substantially reduce a global crude glut. 

Brent futures were up 40 cents, or 0.9% at $45.62 this evening, while US West Texas Intermediate crude was up 37 cents, or 0.9%, at $43.11 per barrel. 

Both Brent and US futures remained on track to decline for a fifth week in a row, which would be the longest slumps for the front-month contracts since August 2015. 

Oil prices remain down about 20% this year despite an effort led by the Organisation of the Petroleum Exporting Countries to cut production 1.8 million barrels per day. 

That puts the market on course for its biggest first-half percentage fall since the late 1990s, when rising output and the Asian financial crisis led to sharp losses. 

OPEC-led efforts to reduce production and end the oil glut have been frustrated by soaring output from the US and OPEC members Libya and Nigeria, which are exempt from the cuts. 

Thanks to shale drillers, US oil production has risen more than 10% in the past year to 9.35 million bpd, close to the level of top exporter Saudi Arabia.