Oil prices rose about two per cent yesterday and hit a one-week high, boosted by a weaker dollar, short covering and expectations that crude inventories in the United States (U.S.) may decline for the third consecutive week.

Brent crude futures, the international benchmark for oil prices, gained $1.01 or 2.2 per cent to $46.84 per barrel.

U.S. crude futures were up 92 cents, or about 2 percent, at $44.30 per barrel.

Brent touched a one week high at a session high of $47.06. U.S. crude hit its highest since June 19 at $44.44.

It was the fourth straight session of gains for oil, which also got some support after the chief executive of U.S. shale oil producer Pioneer Natural Resources Co said Saudi Arabia likely will move to boost oil prices to prop its own national finances.

With the end of the quarter approaching, brokers said investors were covering short positions.

Tim Evans, Citi Futures’ energy futures specialist, said in a note that oil’s upswing was “a technical correction after the declines of the past five weeks” helped along by boosts from a weaker dollar and forecasts for a weekly draw in U.S. crude inventories.

Industry group American Petroleum Institute (API) was due to issue its inventory data yesterday afternoon. On Wednesday morning, the U.S. Energy Information Administration (EIA) will report official inventory data. Analysts estimated that crude stocks fell 2.3 million barrels in the week to June 23.

The dollar fell ahead of a speech by U.S. Federal Reserve Chair Janet Yellen in London.

Commerzbank said in a research note that long positions in Brent on ICE are “at their lowest level in a year and a half,” while short positions “have soared to a new record high, having increased more than four-fold since the beginning of the year.”