Oil price in the international market went up slightly by 1 percent hitting a two-week high on Thursday. Prices have been going down owing to U.S. crude production temporarily alleviated concerns about deepening oversupply.
Brent crude added 30 cents, or 0.6 percent, to close at $47.61 a barrel.
U.S. crude peaked at $45.45 and was last up 35 cents, or 0.7 percent, at $45.09 a barrel.
It is unclear, however, whether the dwindling price sentiment in the oil market has abated, given larger-than-usual inventories in the United States for both crude oil and key products like gasoline.
Global oil supplies remain ample despite output cuts by the Organization of the Petroleum Exporting Countries (OPEC) and other producers of 1.8 million BPD since January.
OPEC and its allies, trying to reduce a crude glut, agreed in May to extend the supply cut through March 2018. OPEC has exempted Nigeria and Libya from the curbs, leaving them free to ramp up output that had been sapped by local unrest.
Libyan oil production is now nearing 1 million bpd, a Libyan source with direct knowledge of the matter told Reuters.
Royal Dutch Shell on Wednesday lifted force majeure on Nigerian Bonny Light crude exports after pipeline repairs.
Analysts said rising Nigerian and Libyan output, as well as increasing U.S. shale oil drilling, would slow the drawdown in crude inventories and force price to remain below the 50 dollar mark.
