Oil prices have increased as initial shocks of Britain leaving the European Union (EU) fade, and also due to a potential workers’ strike in Norway that threatened to cut supply.

Brent crude futures were up 37 cents and traded at $48.95 per barrel, while the US crude increased 44 cents to $48.29 a barrel, Reuters reported.

ANZ Bank told the news agency: "Oil led the (commodities) sector as the shock of the UK voting to leave the EU wore off.

"Oil gains were solidified by news that the decline in Venezuela’s oil output appears to be accelerating."

"Oil gains were solidified by news that the decline in Venezuela’s oil output appears to be accelerating, while a strike in Norway also looked like it would impact production."

Prices also gained support as union strikes by up to 7,500 oil and gas workers in Norway threatened to cut production in the country.

The workers are threatening to launch a strike if a new wage deal is not agreed by 1 July.

Traders said that oil producers and refiners in Venezuela are struggling to maintain output up due to power outages, as well as equipment shortages, which also resulted in an increase in prices.

A new report released by the American Petroleum Institute (API) highlighted a fall in US crude stocks by nearly four million barrels for the week ending 24 June.

Investors are also watching for official stockpile data to be released by the US Energy Information Administration.