Oil prices are on the rise thanks to the rise in Asian shares and OPEC-led cuts
Oil prices rose about 1 percent on Wednesday, as the stock market recovered and expectations that OPEC-led production cuts in 2019 would stabilize the balance between supply and demand.
Analysts said the prices also received support from the disruption of Libyan oil exports after local gunmen took control of the field of spark oil, the largest field in the country.
Global Brent crude futures were $ 60.86 a barrel, up 66 cents, or 1.1 percent, compared to the previous close.
US West Texas Intermediate crude futures were $ 52.22 a barrel, up 57 cents, or 1.1 percent.
The rise in prices comes in light of the rise of Asian stock markets on Wednesday.
Although market confidence strengthened on Tuesday, analysts warned of an economic slowdown.
As for the fundamentals of the oil market, prices were supported this week by the decision of the Organization of the Petroleum Exporting Countries (OPEC) and some independent producers, including Russia, last week to cut supplies by 1.2 million barrels per day.
Oil prices lost a third of their value between early October and when the cuts were announced. However, some analysts warn that the deal may not have the desired effect.