Crude prices rose after declining during early trade after the International Energy Agency (IEA) said 2016 would see the biggest fall in non-OPEC production in 25 years, helping to restore balance in the market that has been dealing with oversupply.
The Benchmark Brent crude futures rose to US $46, up 20 cents from the previous close after falling to $45.23 during early trade.
US crude futures were 4 cents lower at $44.14. Both crudes have gained around 70 percent in value from their lows reached between January and February.
IEA chief Fatih Birol said low oil prices had cut investment around 40% in the past two years, with sharp falls in the United States, Canada, Latin America and Russia.
However, the drop in supply from some producers could be offset by increased production in countries including Russia and Iran.