Oil extended gains after advancing the most in two months as a weaker dollar bolstered the appeal of commodities.

Futures rose as much as 1.1 percent in New York after climbing 3.8 percent on Friday. A gauge of the dollar fell for a third day last week, and global stocks rebounded from a four-week low amid speculation the U.K. is less likely to vote to exit the European Union.

West Texas Intermediate rose as much as 51 cents to $48.49 a barrel on the New York Mercantile Exchange and traded at $48.30 at 8:32 a.m. Sydney time. The contract climbed $1.77 on Friday.

Brent increased as much as 41 cents, or 0.8 percent, to $49.58 a barrel on the London-based ICE Futures Europe exchange on Monday. The global benchmark crude closed Friday at a 61-cent premium to WTI for August delivery.

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