Brent crude futures for September delivery rose in price to $113.08 a barrel during trading on Thursday morning, Reuters reports.
As of 5:50 a.m., the price of Brent crude oil futures had risen 0.6 percent, according to the publication.
Meanwhile, the price of August futures for WTI crude oil rose to $110.27 a barrel, adding 0.5%.
Oil prices rose Thursday after falling in early Asian trading as worries about global supply shortages overtook rising U.S. gasoline and distillate inventories, Reuters wrote.
Concerns about slowing economic growth continued to limit price gains.
"Aggressive interest rate hikes by central banks recently and a slowdown in global economic growth have put pressure on commodity markets. Stakes on further release of U.S. oil reserves and increased OPEC oil production also halted the oil market's upward momentum," CMC Markets analyst Tina Ten said.