Crude oil prices were up to start Wednesday as the Organization of Petroleum Exporting Countries (OPEC) has been preparing to make deeper production cuts in its meeting on December.
International benchmark Brent crude was trading at $59.01 per barrel at 0615 GMT for a 0.24% increase after closing Tuesday at $58.87 a barrel.
American benchmark West Texas Intermediate was at $53.11 a barrel at the same time, also up 0.24%, after ending the previous session at $52.98 per barrel.
OPEC Secretary General Mohammed Barkindo said Tuesday OPEC and its allies, dubbed as OPEC+, are committed to maintain "relative stability" in the global oil market beyond 2020.
"All the leading producers are committed to this," Barkindo said, pointing out to Saudi Arabia and Russia, during his speech at the third India Energy Forum by CERAWeek.
The secretary general said oil producing nations of OPEC+ are determined not to allow a downturn in oil prices, adding "they will do whatever is possible within their powers to ensure that this relative stability is sustained beyond 2020."
Barkindo told reporters "all options are open" for OPEC at an energy conference in London last week, adding that OPEC+ would take "appropriate, strong, positive" decisions in the December meeting to sustain oil prices.
OPEC and its allies including Russia, also known as OPEC+, had agreed on Dec. 7, 2018 to lower their total production level by 1.2 million barrels per day (mbpd) to bring balance to the global oil market and support crude prices.
Later, the group decided in early July this year to extend the agreement until the end of March 2020.By Ovunc Kutlu