Oil prices have fallen after traders took profits following three sessions of increases.

International Brent crude oil futures declined 13 cents at $52.38 a barrel, while US crude dropped by 5 cents a barrel to $51.20, Reuters reported.

CMC Markets chief market analyst Michael Hewson told the news agency: "While we’re above $50 a barrel, momentum still remains fairly positive and what we’ve just seen today is a little bit of profit taking after three consecutive days of gains."

"While we’re above $50 a barrel, momentum still remains fairly positive."

Data released by the US Energy Information Administration (EIA) on Wednesday revealed that crude stocks in the country last week fell 3.23 million barrels to 532.5 million, which resulted in a rise in oil prices.

Traders said oil prices also gained support due to a weak dollar, which is down about 2.4% this month against a basket of other currencies.

This made dollar-traded fuel imports cheaper for countries using other currencies.

Multiple attacks by the militant group Niger Delta Avengers on Nigeria’s oil facilities reduced the country’s production.