Oil rose to near $48 a barrel Tuesday after OPEC signaled it will likely announce another production cut within days, adding to large supply reductions the cartel has already implemented, according to The Associated Press.

A disruption of oil shipments in Nigeria and a weaker U.S. dollar also were seen supporting higher oil prices.

Benchmark crude for April delivery was up 72 cents to $47.79 a barrel by mid-afternoon in Europe on the New York Mercantile Exchange. Oil prices gained $1.55 on Monday to settle at $47.07.