On the New York Mercantile Exchange, light, sweet crude futures for delivery in August CLQ6, +2.06% rose 78 cents, or 1.8%, to $45.54 a barrel, while September Brent crude LCOU6, +2.42% gained 97 cents, or 2.1%, to $47.21 a barrel.
The gains came as the dollar pulled back against most other major currencies, making oil cheaper for other currency holders. Investors backed out of the greenback and into more risk-sensitive investments, such as oil and equities, on hopes of continued loose monetary policy globally, as well as optimism over a better-than-expected start to the U.S. earnings season.