Oil prices have surged more than three percent after figures revealed that US drilling has slowed, with analysts estimating that some $1.5 trillion worth of planned US production investment was uneconomical, PressTV reported.
US West Texas Intermediate (WTI) oil futures rose $1.51 a barrel and reached $46.19 on Monday.
Global benchmark Brent crude gained $1.28 to a high of $48.75 a barrel.
The price hikes came after Goldman Sachs announced rig data pointed to a decline in U.S. oil production between the second and fourth quarters of 2015.
Meanwhile, reports suggest that US oil output has fallen by 250,000 barrels per day.
Figures show that American drillers have cut the number of rigs in operation for three straight weeks.
According to an estimate by energy consultancy Wood Mackenzie, $1.5 trillion of "uncommitted spending on new conventional projects and North American unconventional oil" was uneconomic at even $50 a barrel.
"While operators are seeking an average cost reduction of 20-30 percent on projects, supply chain savings through squeezing the service sector will only achieve around 10-15 percent on average," Wood Mackenzie reported.