Oil prices rose for a third straight session on Wednesday as OPEC said the market was gradually tightening after years of oversupply, though analysts said the 2018 outlook was less certain.
U.S. West Texas Intermediate (WTI) crude futures finished Wednesday's session 38 cents higher at $51.30 per barrel. WTI also closed 2 percent higher on Tuesday.
Brent crude futures, the international benchmark for oil prices, were up 20 cents at $56.81 per barrel at 1:37 p.m ET. Brent closed 2 percent higher the previous day.
On Wednesday, the Organization of the Petroleum Exporting Countries forecast higher demand for its oil in 2018 and said its production-cutting deal with rival producers was clearing the glut after more than three years of excess.
"OPEC and key non-OPEC oil producers continue to successfully drain the oil market of excess barrels," the group said.