Brent crude futures rose 45 cents, or 0.9 per cent, to $51.53 a barrel at 0436 GMT, while US West Texas Intermediate crude futures rose by 46 cents, or nearly one per cent, to $48.28 a barrel.
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President Donald Trump’s decision this month to withdraw the United States from an international nuclear deal with Iran and revive sanctions that could limit crude exports from OPEC’s third-largest producer has given strong tailwind to oil prices.
The amount of US oil rigs drilling for new production fell by seven to 736 in the week to October 20, the lowest level since June, General Electric Co’s Baker Hughes energy services firm said on Friday.