Oil surged nearly 3 percent on Tuesday, supported by Saudi Arabian export cuts and signs that the market is rebalancing after years of oversupply.
Saudi Arabia has cut November allocations by 560,000 barrels per day (bpd), in line with its commitment to an OPEC-led supply reduction pact. In the United States, some production remains offline following Hurricane Nate, lending additional support.
"Prices have been boosted by news that Saudi Arabia is planning to reduce its oil shipments to customers in November," said Carsten Fritsch, analyst at Commerzbank in Frankfurt.
Brent crude, the international price benchmark, was up $1.05, or 1.9 percent, at $56.84 a barrel by 12:09 p.m. ET (1609 GMT).
U.S. West Texas Intermediate crude gained $1.38, or 2.8 percent to $50.96, wiping out much of last week's 4.6 percent loss.