Oil prices have increased due to ongoing supply disruptions in Nigeria after militant attacks and strong Chinese oil demand data.
Global benchmark Brent crude futures increased 32 cents at $51.76 a barrel, while the US crude futures edged up 20 cents to $50.56 a barrel, Reuters reported.
Go deeper with GlobalData
Oil prices also gained support following a fall in US crude inventories on Tuesday, as well as a weak dollar.
Commerzbank commodities analyst Carsten Fritsch told the news agency: "The market sentiment is positive; the trend and the momentum points to further gains."
Oil production in Nigeria declined to the lowest in 20 years, following supply disruptions that were caused by a series of attacks by the Niger Delta Avengers militant group on oil facilities.
Nigeria oil minister Emmanuel Ibe Kachikwu said that production in the country declined to between 1.5million-1.6 million barrels per day (bpd).
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataSimultaneously, Chinese trade data highlighted that its crude oil imports for last month increased adding to hopes that the economy of the country may be stabilising.
Investors are watching for official data to be released by the US Government to indicate weekly oil stock numbers.
