Oil prices have reached a nearly two-month high triggered by a tightening in the US crude market and the possibility of new sanctions against major producer Venezuela.
Brent crude futures gained 33 cents to touch $52.85 per barrel, while US West Texas Intermediate (WTI) futures climbed 25 cents to $49.97, reported Reuters.
Both oil benchmarks have witnessed around 10% rise in prices since the last meeting between the OPEC member countries and other nations, where potential measures were discussed to further rebalance global oil market.
US crude stocks were previously reported to have fallen by nearly 10% to 483.4 million barrels, while output dropped by 0.2% to 9.41 million barrels per day (bpd) in the week ending 21 July.
The addition of drilling rigs for new production has also slowed down, with only ten rigs added this month.
In addition, oil prices gained from reports that the US is planning to impose sanctions on Venezuela's oil sector over alleged malpractices in the election of a constitutional super-body.
According to data released by Xinhua News Agency, crude stocks in China increased to the highest level in June since September last year by rising to 30.57 million tonnes.