Crude oil prices have increased due to the Organization of the Petroleum Exporting Countries (OPEC) meeting in Vienna.
Brent crude oil futures rose 29 cents at $44.13 a barrel, while the US crude futures increased 28 cents at $41.36a barrel, Reuters reported.
Iran Oil Minister Bijan Zangeneh said that the members at the meeting may stick with a policy of maintaining output unchecked, which is in line with market expectations.
The OPEC also may not take steps to reduce the oversupply going into 2016.
Vyanne Lai of National Australia Bank told the news agency that some of the bigger producers could be compelled to reduce output to give some space for increasing production from Iran.
OPEC Conference president Dr Emmanuel Ibe Kachikwu said in a statement: "World oil demand in 2015 will grow by 1.5 million barrels per day, up from one million barrels per day in 2014.
"Next year, we foresee growth of 1.3 million barrels per day to average 94.1 million barrels per day, with most of this growth coming from non-OECD countries."
Saudi Arabian Oil Minister Ali al-Naimi said that global demand, which is increasing, could absorb an expected jump in Iranian production in 2016 ahead of the cartel meeting.
Investors are also watching for data to be released on nonfarm payrolls in US, as it could help indicate the timing of a possible rate hike in the country.