Crude oil prices are up about 0.6% after ministers from the Organization of Petroleum Exporting Countries (Opec) announced plans to maintain current production levels at 30 million barrels per day.
Oil prices had fallen 5% over the previous two sessions, with investors worrying about oversupply. Those concerns have pushed oil prices down about 45% over the past year.
Opec urged member countries to
adhere to the production ceiling.
Qatar's Minister of Energy and Industry said: "We have witnessed much volatility in the global oil industry".
Mohammed Bin Saleh Al-Sada said the markets have seen continued oversupply.
Opec has 12 member countries that between them sit on 80% of the world's oil reserves and produce around a third of the world's oil exports.
