Oil prices rose this morning as ongoing cuts of piped Canadian crude to the United States added to falling US crude inventories, while expectations of a prolonged OPEC-led production cut also offered support.
US West Texas Intermediate (WTI) crude futures were at $57.68 a barrel shortly before 6am Irish time, up 85 cents, or 1.5% from their last settlement.
Brent crude futures, the international benchmark for oil prices, were at $62.97 per barrel, up 40 cents, or 0.6%.
Traders said the firm price lift was due to drop in crude supplies from Canada to the United States.
TransCanada Corp said it will cut deliveries by at least 85% on its 590,000-barrel-per-day (bpd) Keystone crude pipeline through to the end of November.
The pipeline, which links Alberta's oil sands to US refineries, was shut last week after a 5,000-barrel spill in South Dakota.
Traders said there was also some price support from a weekly report yesterday by the American Petroleum Institute which said US crude inventories fell by 6.4 million barrels in the week to 17 November.
The latest official US production and inventory data is due later.
Outside North America, markets have been supported by an effort led by the Organization of the Petroleum Exporting Countries (OPEC) to restrain output in a bid to end a global supply overhang.
The deal to curb production is due to expire in March, but OPEC will meet on 30 November in Vienna to discuss the outlook for the policy.
"The meeting's outcome will ultimately determine oil prices' near-term fate," said Stephen Innes, head of trading for Asia-Pacific at futures brokerage OANDA.
JP Morgan said in its 2018 commodities outlook, released yesterday, that "oil markets in 2018 will be balanced on the back of extended ... production cuts", but added that without extended cuts, markets would be in surplus.
"We expect Brent to trade at the top of the $40 to $60 per barrel range, with Brent averaging $58 per barrel in 2018," the U.S. bank said. "WTI is expected to average $54.6 per barrel.