Oil prices rose by less than 1% in early trading after falling production in Nigeria and fears of political instability in Venezuela reduced market supply. Higher OPEC production and a stronger dollar limited the gains.
Brent crude futures reached $48.11 a barrel, up 28 cents, or 0.6%, from the previous settlement. US West Texas Intermediate crude rose 25 cents, or 0.5%, to $46.46 a barrel. These were the highest levels for both benchmarks since the start of 2016.
Analysts said declining supplies from producers such as Nigeria, the Americas and China had lifted prices, although increased production elsewhere had limited the gains.