Crude oil prices have risen following a decline in US oil production to its lowest level since November 2014.
Brent futures increased 18 cents to $37.25 a barrel, while the US crude futures rose 20 cents to $34.77 a barrel, Reuters reported.
Data published by the US Government’s Energy Information Administration revealed that last week, crude inventories in the country increased to 517.98 million barrels, while output declined to 9.08 million barrels a day.
The increase in inventories was almost three times more than the 3.6 million-barrel increase estimated by analysts.
A fall in output is providing support to oil prices.
OptionsXpress market analyst Ben Le Brun said investors are watching for key US economic data for further direction.
The fall in US production will stimulate a 1.5% decline in oil supply by non-OPEC members in 2016.
Phillip Futures told the news agency: "With the recent strong US economic data, it is very unlikely that non-farm payrolls would underperform. We expect this to give markets more confidence in the US economy."
Supply by non-OPEC members is expected to come down by 850,000 barrels a day in 2016, with 760,000 barrels cut from production in the US.