The U.S. West Texas Intermediate crude September contract was at $47.76 a barrel by 06:30 a.m. ET (10:30 GMT), up around 33 cents or 0.70%.
Brent oil for October delivery on the ICE Futures Exchange in London advanced 35 cents or 0.67% to $52.38 a barrel.
Oil prices strengthened as markets prepared for potential output disruptions as Hurricane Harvey headed for the heart of the U.S. oil industry in the Gulf of Mexico.
The storm has intensified since Thursday and could potentially be the biggest hurricane to hit the U.S. mainland in 12 years. It is currently taking aim between Houston and Corpus Christi on the coast of Texas.
The commodity was hit earlier in the week after the U.S. Energy Information Administration said domestic crude production rose to its highest level since July 2015, although crude oil inventories fell for the eight consecutive week.
Oil prices have also been under pressure in recent weeks despite efforts led by the Organization of the Petroleum Exporting Countries (OPEC) to limit production in order to boost prices.
OPEC and 10 producers outside the cartel, including Russia, agreed since the start of the year to slash 1.8 million barrels per day in supply until March 2018 in order to reduce a global supply glut and rebalance the market.
So far, the deal has had little impact on global inventory levels due to rising supply from producers not participating in the accord, such as Libya and Nigeria, as well as a relentless increase in U.S. shale output.
Elsewhere on Nymex, gasoline futures for September were up 0.3 cents or roughly 1.87%, to $1.714 a gallon, while September heating oil gained 0.2 cents or 1.34% to $1.643 a gallon.
Natural gas futures for September delivery dropped about 0.1 cent or 0.51% to $2.934 per million British thermal units.
The UK's hydrocarbons regulator has awarded 31 new exploration licences in the country's North Sea waters, Reuters reported on Friday Read More
ExxonMobil announced the closing of its USD 60-billion acquisition of Pioneer Natural Resources on Friday, a move that solidifies its… Read More
BP-Eni joint venture Azule Energy has entered a strategic farm-in agreement with Rhino Resources in Namibia's offshore Orange Basin, the… Read More
Africa-focused energy group Chariot has spudded the RZK-1 exploration well on the Gaufrette prospect at the Loukos Onshore licence in… Read More
Touchstone Exploration has acquired Trinidad-focused Trinity Exploration & Production in an all-shares deal, the Canadian upstream player said on Wednesday Read More
ExxonMobil is "optimistic and pushing forward" with the Rovuma LNG project in Mozambique and eyes an FID by the year's… Read More
This website uses cookies.