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."
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.
As drillers added nine oil rigs in the week ending 3 June, the total rig count went up to 325.
Data further revealed that the total rig count in the country increased by four to 408.
