Prices of oil have risen slightly over expectations that US crude inventories will show a fall.
The gain in Brent crude is also driven by expectations that oil producers will stick to agreed output cuts, which became effective this week.
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US West Texas Intermediate (WTI) crude futures CLc1 were trading at 17 cents higher, $52.42 per barrel, while Brent crude futures LCOc1 gained 10 cents at $55.57 a barrel, reported Reuters.
Oslo SEB Markets chief commodities analyst Bjarne Schieldrop was quoted by the news agency as saying: "Positive equities and gains in industrial metals this morning, as well as expectations that US crude oil stocks will show a decline… are ingredients helping to drive a slight gain in Brent crude."
In November, the Organization of the Petroleum Exporting Countries (OPEC) members agreed to the output cut.
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As per the agreed terms of the deal, OPEC member Kuwait is to cut output by 131,000bpd.
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By GlobalDataSaudi Arabia is expected to increase the official selling price of crude oil to Asia next month, reported the news agency.
