Oil prices rose higher throughout Monday's session after leading OPEC producer Saudi Arabia pledged to cut exports in August to help reduce the global crude glut.
International benchmark Brent crude for September delivery rose 57 cents, or 1.2 percent, to $48.63 a barrel by 2:33 p.m. ET (1833 GMT), having risen from an earlier session low of $47.68.
U.S. West Texas Intermediate crude finished Monday's session 57 cents, or 1.3 percent, higher at $46.34.
Saudi Energy Minister Khalid al-Falih said his country would limit crude oil exports at 6.6 million barrels per day (bpd) in August, almost 1 million bpd below levels a year ago. Reports that the Saudis would slash their exports in August first surfaced last week.