Oil prices rose on Monday as futures traders bet the market may have bottomed after a recent steep fall, even as physical markets remain bloated by oversupply, especially from a relentless rise in U.S. drilling.
Brent crude futures were trading at $48.41 per barrel at 0246 GMT, up 26 cents, or 0.5 percent, from their last close.
U.S. West Texas Intermediate (WTI) crude futures were at $46.07 per barrel, up 24 cents, or 0.5 percent.
Traders said that the price rises came on the back of speculative traders upping their investment into crude futures, by taking on large volumes of long positions, which would profit from a further price rise.
The rise in new long positions comes after Brent and WTI crude futures have fallen by around 10 percent below their opening levels on May 25, when an OPEC-led policy to cut oil output was extended to cover the first quarter of 2018 instead of expiring this June.