Oil prices rose by one percent on Wednesday ahead of an OPEC meeting next week at which the producer club is expected to decide some form of supply cut to counter an emerging glut.
The shutdown of Britain’s largest North Sea oilfield for repairs also supported prices, traders said.
U.S. West Texas Intermediate (WTI) crude futures (CLc1) were at $52.11 per barrel at 0448 GMT, up 55 cents, or 1.1 percent from their last settlement.
International Brent crude oil futures (LCOc1) were up 57 cents, or 1 percent, at $60.78 per barrel.
The Buzzard oilfield, which pumps about 150,000 barrels per day (bpd) has closed temporarily after the discovery of pipe corrosion. A smaller field linked to Forties, Total’s Elgin-Franklin, is also shut for maintenance. As a result, trade sources said three cargoes due to load in December had been canceled.
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