Oil prices on Tuesday reversed earlier losses after Saudi Arabia said a deal between producers to withhold output that has been in place since January could be extended beyond June to cover all of 2019.
The statements by Saudi energy minister, Khalid Al-Falih, came despite pressure by US President Donald Trump to raise output to make up for a supply shortfall expected from tightening US sanctions against Iran.
Brent crude futures were at $72.25 per barrel at 0701 GMT, up 21 cents, or 0.3 per cent, from their last close.
US West Texas Intermediate (WTI) crude futures were at $63.67 per barrel, up 17 cents, or 0.3 per cent, from their previous settlement.
