World oil prices rose 1 percent after Saudi Arabia, OPEC's biggest producer, pledged to cut exports in August and news of a decline in US oil production next year.
Global Brent crude futures rose 54 cents or 1.1 percent to settle at $ 48.60 a barrel, while US benchmark WTI futures rose 57 cents, or 1.3 percent, to close at $ 46.34 a barrel.
Saudi Energy Minister Khalid al-Faleh said earlier that his country would restrict oil exports to 6.6 million bpd in next month, about 1 million bpd less than a year ago.
Russian Energy Minister Alexander Novak also told reporters that an additional 200,000 barrels per day of crude could be removed from the market if a 100 percent global agreement to cut production is met.
The US oil services company Halliburton had earlier confirmed that the increase in the production of US rock oil is likely to recede next year.