Oil prices have witnessed a considerable uplift in trading performance in their latest full session.
By the late afternoon in European markets (3.51 pm GMT), US light crude values had gained $1.92 from their position at the opening of markets this morning, while Brent crude prices were up by $1.53.
Respectively, the value of the precious commodities stood at $31.56 and $34.54 per barrel by this time.
It has been a major uplift brought about through the actions of US oil producers, as a new report from the International Energy Agency has forecast that shale oil production will be cut across the US by as much as 600,000 barrels of oil per day by the end of the year.
Moreover, the report showed that the US oil rig count has now fallen to its lowest level since December 2009.
It means that large levels of oversupply that have typified oil sector performance in recent months may soon start to be addressed, helping to lift values away from their current near 11-year lows.
Responding to this latest positive development for markets, senior energy economist at ABN Amro Hans van Cleef told Reuters: "Positive sentiment on the stock market and the impact of the lower US rig count gives some support to oil prices."
Any upturn in the value of this precious commodity will therefore go some way towards promoting improved investor confidence during the remainder of the month and heading into spring.