Oil prices climbed on Monday, rebounding further from 1½-year lows reached in December on support from OPEC production cuts and steadying equities markets.
U.S. West Texas Intermediate crude oil futures ended Tuesday's session 56 cents, or 1.2 percent, higher at $48.52 a barrel. Brent crude futures rose 27 cents, or about half a percent, to $57.33 a barrel, up from December's slide below $50, which was its lowest level since July 2017.
Brent has gained about 10 percent since last Monday in its biggest week-on-week rally in two years.
"Momentum is coming back into the market from very depressed price levels," Petromatrix strategist Olivier Jakob said. "We've had five consecutive days of price gains already, so what you have today is a continuation of that."
The oil prices are drawing support from an agreed supply cut by OPEC, well as some non-member countries such as Russia and Oman.