Oil prices increased more than 4% on speculation that oil production will decline and on a weaker U.S. dollar. The U.S. Energy Information Administration said on Tuesday that oil production was 120,000 barrels a day lower in September than in August.
Comments by OPEC Secretary-General Abdalla Salem el-Badri also supported oil prices. He said on Tuesday that oil prices will rebound due to lower oil investments. el-Badri expects global oil investments to drop by 22.4% this year.
Comments by Russian Energy Minister Alexander Novak still supported oil prices. He said on Saturday that Russia is ready to talks with the Organization of Petroleum-Exporting Countries (OPEC) to discuss oil prices. Novak added that Russia and Saudi Arabia planned a meeting for the end of the month.
Oil prices were also supported by concerns over the escalation of the conflict in Syria. Russia started air strikes against Islamic State targets in Syria on last Wednesday.
WTI crude oil for November delivery rose to $48.40 a barrel on the New York Mercantile Exchange.
Brent crude oil for November climbed to $51.54 a barrel on ICE Futures Europe.