Price of Brent crude has grown by over 3% to more than $63 per barrel, on signs of a balance in the oil market, which has been facing oversupply over the last year.

In the six months to January, oil prices fell by over 60%, pushing the price to approximately $45 a barrel.

However, the market is slowly recovering this year, as lower prices have stopped several oil exploration and production processes, especially in the US.

"US production is down for the second time in three weeks and refinery runs are spiking up, driving demand higher."

UK-based consultancy Energy Aspects oil analyst Virendra Chauhan was quoted by Reuters as saying: "People are realising that the US production juggernaut is slowing, at least for now.

"US production is down for the second time in three weeks and refinery runs are spiking up, driving demand higher."

Brent crude futures for touched $63.29 per barrel, which is the highest in the last four months. On the other hand, US crude was down $1 at $55.39.

Negotiations between major oil producers also increased speculation of cuts in production. However, most analysts say that production cuts are not likely.

Reuters technical analyst Wang Tao told Reuters Global Oil Forum that the price of Brent could touch $70 a barrel in the near future, although there could be a sharp drop after that.