Investing.com - Oil reversed earlier losses in subdued trade due to the U.S. fourth of July holiday.
U.S. crude was up 10 cents, or 0.21%, at $47.17 at 10:15 ET. Brent gained 8 cents, or 0.16%, to $49.76.
Many traders closed positions due to the holiday.
Oil has settled higher for eight sessions in a row as part of an extended recovery from multi-month lows.
Support has come from reports of a recent dip in U.S. output and a slowdown in U.S. drilling activity.
The latest weekly Baker Hughes data showed a fall in the U.S. oil rig count for the first time since the start of the year.
A supply glut has been eroding the impact of output cuts by major producers.
OPEC and non-OPEC producers agreed in May to extend output cuts of 1.8 million barrels a day through to March of next year.