Oil prices have risen for the fourth consecutive session due to a weaker dollar, with gains limited due to persistent concerns about the global oversupply. 

Brent crude futures LCOc1 grew 64 cents to $46.47 a barrel, while US West Texas Intermediate (WTI) crude futures CLc1 rose 56 cents at $43.94, reported Reuters.  

Figures of US crude inventory are expected later today, which could determine if the market’s gains stand to extend further.

Value of the dollar dropped by 0.1% against six currencies.

Commerzbank was quoted by the news agency as saying: "Short-term financial investors also significantly scaled back their net long positions in Brent on the ICE last week… and find themselves at their lowest level in a year and a half.

"In the third quarter we should draw, but we are unsure about the fourth quarter as US production is likely to have a year-end spurt."

"Short positions have soared to a new record high, having increased more than four-fold since the beginning of the year."

OEPC and its 11 partners agreed in May to extend the cuts by 1.8 million barrels per day (bpd) until March next year.

In spite of the cuts, inventories have increased as US producers and other countries that are not part of the OPEC-led partnership have increased their production. 

Independent oil trader Vitol head Ian Taylor was quoted by the news agency as saying that Brent prices would stay in a range of $40-$55 a barrel for the next few quarters.

Taylor added: "In the third quarter we should draw, but we are unsure about the fourth quarter as US production is likely to have a year-end spurt."