Following the world’s biggest suppliers decision to meet and discuss an output freeze, oil prices rise on Thursday, March 18.
Oil producers including Gulf OPEC members support holding talks next month on a deal to keep production at current levels, even if Iran declines to participate, OPEC sources said on Wednesday.
A meeting would increase the likelihood of the first global supply deal in 15 years.
U.S. crude was up 65 cents at 39.11 dollars a barrel at 0452 GMT, having earlier risen as high as 39.38 dollars.
Brent crude rose 38 cents to 40.71 dollars.
“A smaller than expected gain in inventories in the U.S. also supported prices,” ANZ said in a morning note.
Crude inventories jumped 1.3 million barrels in the week to March 11 to 523.2 million, a much smaller build than the 3.4 million-barrel increase expected by analysts.
The market is also rallying after a less hawkish U.S. monetary outlook, as the U.S. Federal Reserve held interest rates steady and indicated two rate hikes this year instead of the four expected.
