Oil prices have hit the highest level of 2016 so far, with US cutting production and the weak strength of the US dollar boosting prices.
Brent crude oil, the international benchmark, rose to $48.30 as US crude oil hit $46.27. Prices had fallen to as low as the mid $20s in the early weeks of the year.
Deutsche Bank has warned, however, that the growth currently being seen could be restricted as production rises in the Middle East.
Despite attempts made by Saudi Arabia to agree a freeze of production among key oil producing nations, the likes of Iran, Iraq and UAE are all expected to increase production in the coming months. Iran in particular has been reluctant to agree to a freeze, given that economic restrictions, which affected its oil output, have not long been lifted.
Deutsche Bank has suggested that Opec (Organization of Petroleum Exporting Countries), of which Saudi Arabia is a key player, could increase production.
Prices in 2014 were around $115 per barrel, before huge oversupply and falling global demand sparked a dramatic collapse in prices.
Earlier this year, the International Energy Agency suggested that oil prices may have "bottomed out" at the beginning of the year and could start return to pre-crash levels.