Brent oil prices have increased above $50 a barrel as worldwide supply worries showed signs of easing.
Brent crude oil LCOc1 increased by 36 cents to $50.10 a barrel, while the US crude futures rose by 29 cents to $49.85 a barrel, Reuters reported.
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Oil prices recently witnessed a rise following a series of outages, which were primarily due to fires in Canada and attacks in Nigeria and Libya.
The outages resulted in oil production being reduced by about four million barrels per day.
Many market players believe the increased oil prices could lead producers, especially among shale companies in the US, to revive operations that were closed in recent years.
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CMC Markets chief market analyst Ric Spooner told the news agency: "Certainly ($50) is a psychological barrier. There is a momentum, people will try and push it up over that."
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By GlobalDataOil prices are set to increase further following a proposed meeting of the Organization of the Petroleum Exporting Countries on 2 June in Vienna, Austria.
