The price of Brent crude oil increased towards $65 a barrel today amid a weaker US dollar.
Reuters reported that North Sea Brent crude increased 44 cents to $64.68, while US crude rose 41 cents to $61.35.
Jefferies senior oil broker in London Christopher Bellew was quoted by Reuters as saying: "Brent could be seeing a bit of short-covering and it could have quite a sharp rally after yesterday, but the market would still look just as bearish."
Prices continued to remain close to a five-year low amid indications that the current supply glut is expected to further increase in 2015.
Next year, demand for OPEC’s crude is expected to decline to its lowest in more than a decade, according to the oil cartel.
Saudi Arabia Oil Minister Ali al-Naimi said the kingdom’s output had remained steady in November and there was no need to cut production.
Saudi Arabia and its Gulf allies asked other OPEC members to combat the growth of US shale.