Oil prices rose above $51 a barrel, supported by firmer stock markets and a weaker US dollar.
US crude oil futures rose $1.80 to $51.42 a barrel by 5.25pm after rising as high as $51.75. London Brent crude rose $1.62 to $52.76.
The gains came as Wall Street climbed more than 1.5%, supported by better than expected earnings from struggling automaker Ford and relatively robust US durable goods orders figures.
Weakness in the US dollar against other currencies also buoyed oil and other commodity prices.
Oil's gains have been capped, however, as weak global demand causes inventories in consumer nations to swell to historic levels.
Inventories in the US, the world's top oil consumer, are the highest for almost 19 years, according to the US Energy Information Administration.
The oil market has stagnated around $50 a barrel for most of this month, nearly $100 below last July's all-time high of $147.27.
