Crude prices surged to peak levels not seen since May on Monday as a decline in U.S. production helped to further tighten the market and the possibility of sanctions on Venezuela kept traders guarded.
Brent crude futures traded up 0.3 percent or 18 cents at $52.70 per barrel. Price of the international benchmark hit $52.76 earlier in trading, marking its highest level since May 25.
Meanwhile, U.S. WTI crude futures traded up 11 cents or 0.2 percent at $49.82 per barrel.
The most recent gains put both crude benchmarks poised for six straight days of gains.
Prices of oil have increased by almost 10 percent since the last meeting of top OPEC members and other major oil producers, when the group talked about possible measures to tighten oil markets more and shore up prices in the process.
ANZ bank said the WTI has bordered a breakthrough of $50 per barrel, while Brent went beyond $52 per barrel as fundamentals continue to indicate a more balanced oil market.
The material has been provided by InstaForex Company – www.instaforex.com