Prices of oil have risen slightly over expectations that US crude inventories will show a fall.
The gain in Brent crude is also driven by expectations that oil producers will stick to agreed output cuts, which became effective this week.
US West Texas Intermediate (WTI) crude futures CLc1 were trading at 17 cents higher, $52.42 per barrel, while Brent crude futures LCOc1 gained 10 cents at $55.57 a barrel, reported Reuters.
Oslo SEB Markets chief commodities analyst Bjarne Schieldrop was quoted by the news agency as saying: "Positive equities and gains in industrial metals this morning, as well as expectations that US crude oil stocks will show a decline… are ingredients helping to drive a slight gain in Brent crude."
In November, the Organization of the Petroleum Exporting Countries (OPEC) members agreed to the output cut.
As per the agreed terms of the deal, OPEC member Kuwait is to cut output by 131,000bpd.
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