Oil prices have increased due to a fall in the US dollar that stimulated fuel demand.
International Brent crude futures were up 27 cents and traded at $49.91 per barrel, while the US West Texas Intermediate (WTI) crude futures increased 28 cents at $48.90 a barrel, Reuters reported.
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Traders said that increase in oil prices was primarily due to a plunge in the dollar, when the greenback lost over 1.5% intra-day against other currencies.
The drop followed weak jobs data in the US that raised concerns over the state of the economy. However, a weaker dollar signaled support for fuel demand in the rest of the world.
ANZ bank told the news agency: "The weaker US-dollar drove commodity prices higher."
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Traders added that frequent militant attacks on oil facilities in Nigeria already resulted in a fall in the country’s production to more than 20-year lows.
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By GlobalDataBaker Hughes said that energy companies in the US added rigs drilling for oil, as producers raised output following months of high oil prices.
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