Oil prices have increased and traded at around $49 a barrel due to global supply outages in Nigeria and Canada.

Brent crude was down 7 cents at $48.90, while the US crude increased 14 cents at $47.86, Reuters reported.

Traders are waiting to restart of some of the Nigerian facilities, which were closed due to militant attacks.

The International Energy Agency and other forecasters expected a fall in production from non-OPEC countries this year.

"Globally, there are still a lot of supply disruptions and this comes on top of natural declines."

Data released by the US Energy Information Administration highlighted an expected fall in shale oil output in June this year by about 113,000bpd to 4.85 million.

Furthermore, a cash crunch has led to a fall in production in some OPEC nations such as Venezuela.

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Petromatrix oil analyst Olivier Jakob told the news agency: "Globally, there are still a lot of supply disruptions and this comes on top of natural declines."

Some investors are planning to take their profits, which could also result in a plunge in oil prices.

Investors are watching for the report to be released by industry group the American Petroleum Institute.