Oil prices have increased and traded at around $49 a barrel due to global supply outages in Nigeria and Canada.
Brent crude was down 7 cents at $48.90, while the US crude increased 14 cents at $47.86, Reuters reported.
Traders are waiting to restart of some of the Nigerian facilities, which were closed due to militant attacks.
The International Energy Agency and other forecasters expected a fall in production from non-OPEC countries this year.
Data released by the US Energy Information Administration highlighted an expected fall in shale oil output in June this year by about 113,000bpd to 4.85 million.
Furthermore, a cash crunch has led to a fall in production in some OPEC nations such as Venezuela.
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 GlobalDataPetromatrix oil analyst Olivier Jakob told the news agency: "Globally, there are still a lot of supply disruptions and this comes on top of natural declines."
Some investors are planning to take their profits, which could also result in a plunge in oil prices.
Investors are watching for the report to be released by industry group the American Petroleum Institute.