Analysts said that concerns over the global economy were weighing on the outlook for oil demand and on prices
Prices went up after Nigerian militants claimed five attacks on the country's oil and gas infrastructure
Brent crude was trading at $50.04 a barrel, while US WTI was up 28 cents at $48.61 a barrel
Supply outlook has improved after looming strike action in Norway - one of the biggest producers of North Sea crude - was called off
Crude oil rose more on Wednesday as traders moved money back into markets hit by the initial shock of Britain's vote to leave the European Union, while a potential oil workers strike in Norway and a crisis in Venezuela's oil sector also provided support.Brent crude futures were 31 cents higher at $48.89 per barrel at 1219 GMT. US crude was up 40 cents to $48.25 a barrel.
Financial markets are still reeling from Brexit's fallout as investors sell riskier assets and flock to safe bets amid global economic uncertainty
About 755 Norwegian workers on seven oil and gas fields could go on strike from Saturday, hitting output from the North Sea's top producer
Research houses to allay fears, pointed out that Britain's demand for fuel is negligible at the global leve
According to analysts, Britain's vote to leave the EU will not have a big effect on fundamental oil demand
Global markets took a beating Friday, with some $2.1 trillion wiped off valuations and the British pound plunging to 31-year lows against the dollar
Brent crude settled down 4.9% or $2.50 at $48.41 a barrel
Brent was up 41 cents at $50.29 a barrel, while US crude traded at $49.56 a barrel, up 43 cents
Brent traded at $50.87 a barrel, while US crude futures was seen at $50.20 a barrel
While concerns over a British exit fade into the background, however briefly, supply issues are back in focus
US crude fell to $47.55 as the contract dropped for a fifth day
The US dollar fell for the fourth day in a row today, trading lower against most major currencies
Cash strapped oil companies like Chevron and Royal Dutch Shell are selling small refineries to trim lower-margin assets
Since June 9, Brent has lost about $5 a barrel, or nearly 10 per cent. Prior to that, it hit an eight-month high of nearly $53 on supply disruptions out of Nigeria and Canada
US crude stocks fell last week, the government said on Wednesday, but the decline was much smaller than anticipated
WTI has fallen 7.5% from last week's 11-month peak and Brent is down 5.5% from its eight-month high