Brent crude futures LCOc1 rose 30 cents to $50.50 a barrel by 0959 GMT, after rallying more than 3 percent on Tuesday. U.S. West Texas Intermediate futures CLc1 climbed 40 cents to $48.29 a barrel.

EIA - World chokepoints for maritime transit of oil are a critical part of global energy security. About 61% of the world's petroleum and other liquids production moved on maritime routes in 2015. The Strait of Hormuz and the Strait of Malacca are the world's most important strategic chokepoints by volume of oil transit.

Brent September crude futures fell 18 cents on the day to $47.88 a barrel by 0850 GMT. The price fell 2.5 percent on Friday after a consultancy forecast a rise in OPEC production for July. NYMEX crude for September delivery fell 20 cents to $45.57 a barrel.

With prices still languishing below the $55-$60/b that some ministers have said they are targeting, some market watchers say OPEC and its non-OPEC partners have no choice but to deepen cuts to make up for output gains from exempt Nigeria and Libya, as well as sliding compliance from other members.

"The legislation, if enacted, is a big political win for members of Congress who want to take a strong stance on Russia," Elizabeth Rosenberg, a senior fellow and director of the energy, economics and security program at the Center for a New American Security, said Sunday. "It will rearrange the way the global energy industry does business with Russia and significantly increase the risk around dealings with Russia."

Russia was China's biggest crude oil supplier for a fourth straight month in June, its longest streak ever in the top spot, data from the General Administration of Customs showed on Monday.

U.S. Rig Count is up 488 rigs from last year's count of 462, with oil rigs up 393, gas rigs up 98, and miscellaneous rigs down 3 to 0. Canadian Rig Count is up 104 rigs from last year's count of 102, with oil rigs up 70, gas rigs up 35, and miscellaneous rigs down 1 to 0.

International benchmark Brent crude futures were at $49.28 per barrel 0501 GMT, down 2 cents from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $46.89 per barrel, down 3 cents.

Fitch Ratings anticipates most investment-grade and 'BB' category U.S. E&P companies will see minimal ratings changes in a steady $45 per barrel environment as the realization of further production efficiency gains and lower costs per barrel of oil equivalent (boe) should contribute to resilient margins and cash flow.

EIA forecasts that total U.S. crude oil production will average 9.3 million barrels per day (b/d) in 2017, up 0.5 million b/d from 2016. In 2018, crude oil production is expected to reach an average of 9.9 million b/d, which would surpass the previous record of 9.6 million b/d set in 1970.