Oil prices have increased due to a drop in US crude inventories.

Brent crude futures LCOc1 were up 32 cents and traded at $47.92 a barrel, while the West Texas Intermediate (WTI) US crude futures CLc1 were 39 cents higher at $46.62, Reuters reported.

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Prices were also supported by data from the International Energy Agency (IEA), which highlighted tightening supply.

Saxo Bank commodities research head Ole Hansen said: "We could see some additional momentum coming into the market if we take out the recent highs because that would automatically trigger buy signals around the world."

"We could see some additional momentum coming into the market if we take out the recent highs because that would automatically trigger buy signals around the world."

In its latest oil market report, IEA raised its global oil demand growth forecast this year to 1.2 million barrels per day (bpd).

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The report also includes a focus on the leadership changes at the Saudi Oil Ministry, as well as an in-depth assessment of the difficulties faced by Nigeria, Libya and Venezuela in maintaining output.

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According to analysts, the IEA data helped to support prices.

Data released by the US Energy Information Administration (EIA) highlighted a decrease in US crude inventories by 3.4 million barrels to 540 million barrels last week.