Oil tanker prices are up across the board, with many companies posting gains.
The U.S. crude oil futures for August are up more than 25% from a week ago and up about $1.50 a barrel.
Prices for the key Brent crude oil contract rose to a five-month high of $48.90 a barrel on Thursday.
That’s up more from last week’s average of $46.20.
Brent futures are up about 15% from their low of $44.75 last June.
Oil prices have also been up in other key commodities.
U.N. energy secretary Suleiman Al-Shaykh said Wednesday that prices for crude oil in the U.K. were up 7% in the past two weeks, compared to a week earlier.
The price of the oil rose to $47.70 a barrel from $47 a week before.
U.S.-produced oil rose 2% in August from a year ago, according to Energy Information Administration data.
shale oil production rose 4% to 1.8 million barrels per day in August.
natural gas production rose by 4% in September from a previous record, but the decline was offset by a gain in U.C. San Joaquin shale oil.
The Brent crude price rose $1 a barrel in New York City to $49.85 a barrel, while the Brent contract was up by $1 to $50.60.
U-Backed crude prices are usually higher than the Brent, so the rise in prices was partly due to higher demand.
The global oil market has seen a lot of swings in the last few months, with a number of producers making huge gains.
Some of the biggest gains have come from U.A.E. producers.
The Organization of the Petroleum Exporting Countries, which sets production quotas, said Thursday that its output has increased for the first time in six years.
Brent crude output in the Gulf of Mexico increased by almost 12% in July to 2.8 billion barrels.
U.-Canadian crude production in the Eagle Ford Shale increased more than 40% in June to 2 million barrels a day.
U-Baked crude oil, which is produced from U-Grown, U-Pressed, and U-Converted U-Hauling, was up 11% in October to $30.23 a barrel and Brent crude was up about 13% in December to $42.68 a barrel before the price crash.