Crude oil prices have increased after analysts said that the supply glut and a strong dollar would continue to put pressure on markets.
Brent crude edged up 18 cents to $48.16 a barrel, while the US crude futures were trading at $45.46 a barrel, Reuters reported.
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The news agency quoted BMI Research as saying: "With oil production of major producers strong, falling output from US shale will be insufficient to balance the oversupplied oil market over the next two years."
Despite low production in the US, output from Russia and OPEC producers has increased over 2015, according to the research firm.
The strong US dollar will make imports for countries with other currencies expensive and is set to drag on commodity markets.
According to ANZ Bank, speculations that the US Federal Reserve may hike interest rates will put further downward pressure on prices of commodities.
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By GlobalDataThe bank expects that due to cost reductions by producers in the US, the next three months may witness a 3% decline in crude futures.
