Oil prices have increased after comments made by United Arab Emirates (UAE) energy minister hinted at the prospect of production cuts.
Brent LCOc1 rose by 4.9% at $31.53 per barrel, while WTI futures CLc1 increased 4.5% at $27.39 per barrel, Reuters reported.
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UAE Energy Minister Suhail bin Mohammed al-Mazrouei said that the Organization of the Petroleum Exporting Countries (OPEC) was willing to discuss with other exporters about production cuts.
Sky News Arabia reported Mohammed al-Mazrouei saying, due to low oil prices non-OPEC members are compelled to cut production, but the reductions would require cooperation from everyone.
Oil prices in the US fell for a sixth straight day yesterday due to brimming crude inventories.
Market intelligence firm Genscape reported the Cushing, Oklahoma delivery hub for US crude futures witnessed an increase of almost 425,000 barrels in the week ending 9 February.
ABN AMRO senior energy economist Hans van Cleef told the news agency that the comments are pushing prices up.
Following record output of one million to two million barrels of crude every day by shale producers, oil prices have tumbled more than 70% since mid-2014.
