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Crude prices continued to advance after OPEC made a move to limit Nigerian oil production and Saudi Arabia promised to restrict exports next month to help curb global oversupply.
Brent crude futures edged up 7 cents at $48.67 a barrel after finishing up 54 cents or 1.1 percent. U.S. WTI crude futures rose by 10 cents, trading at $46.44 per barrel.
OPEC member Nigeria has been excluded from the group's dead with non-OPEC oil producers led by Russia to reduce output by a total of 1.8 million bpd from January 2017 to March 2018.
On Monday, OPEC reached a consensus that Nigeria would participate the agreement by limiting or even reducing its production from 1.8 million bpd, once it steadies at that level from the recent level of 1.7 million bpd.
Oil was also backed by comments from Saudi Energy Minister Khalid al-Falih, who said the his nation would put a ceiling level on crude oil exports at 6.6 million barrels per day in August, almost 1 million bpd below levels a year ago.
