Oil prices showing growth for the eighth consecutive day on Monday, oil rally lasts for five years after data on the reduction of inventories in the United States, analysts said that OPEC has all the chances to temper gains.
Brent crude futures rose 19 cents to $48.96 per barrel, after rose 5.2% last week for their first weekly gain in the last six weeks. U.S. crude futures grew 23 cents to $46.27 per barrel.
The oil price is still 14% below this year, as strong global demand was insufficient to resist the growth of the United States production, Nigeria, Libya and other countries, such as Brazil and the North Sea.
Oil markets remain oversupplied despite output from OPEC hit 2017 high.-