Oil prices have increased due to reports that Saudi Arabia may reduce crude exports to offset the impact of rising US output, which is preventing the market from restoring stability. <div class="rightpullquote">&quot;Industry group American Petroleum Institute reported that crude prices also gained support by the fall in US inventory, a 5.8 million barrel decline.&quot;</div><div class="rightpullquote">&quot;Industry group American Petroleum Institute reported that crude prices also gained support by the fall in US inventory, a 5.8 million barrel decline.&quot;</div> 

Brent futures LCOc1 soared by 19 cents to reach $48.92 a barrel, while the US West Texas Intermediate (WTI) crude CLc1 gained 23 cents and traded at $46.11 per barrel, reported Reuters.

Industry group American Petroleum Institute reported that crude prices also gained support by the fall in US inventory, a 5.8 million barrel decline.

The news agency reported that state-owned Saudi Aramco will reduce oil supplies to its Asian customers by nearly seven million barrels next month as it is likely to witness a surge in domestic power demand over summer.

"Industry group American Petroleum Institute reported that crude prices also gained support by the fall in US inventory, a 5.8 million barrel decline."

The company had previously been maintaining its exports to Asia despite production curbs.

The Organization of the Petroleum Exporting Countries (OPEC) members decided to reduce output by 1.8 million barrels per day to rebalance the oil market for the first six months of this year.

The initiative has largely been ineffective due to a consistent rise in US production. 

Currently, OPEC is planning to extend the tenure of this oil curb to the year-end or to next year.

The US Energy Information Administration stated that crude production is expected to rise by 9.31 million barrels per day in the US, a 440,000bpd increase from the previous expectation.