Oil rose to a two-month high Monday, supported by a drop in US stockpiles and the threat of sanctions against OPEC member Venezuela.
WTI crude futures jumped more than $ 50 a barrel briefly at $ 49.97 a barrel by 0654 GMT, up 25 cents, or 0.5 percent, from the last closing price.
Brent crude futures were $ 52.85 a barrel, up 33 cents, or 0.6 percent. Prices hit $ 52.90 a barrel earlier in the session, their highest level since May 25.
With the price increase, the two contracts are on the rise for a sixth straight session.
Prices have risen about 10 percent since the last meeting of prominent members of the Organization of Petroleum Exporting Countries (OPEC) and other major producers, including Russia, and the meeting discussed possible measures to reduce supply in the oil markets.
The United States is considering imposing sanctions on Venezuela’s vital oil sector in response to Sunday’s vote for a constituent assembly that Washington has criticized.
In terms of production, US production fell 0.2 percent to 9.41 million bpd in the week ending July 21 after rising more than 10 percent since mid-2016.