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Oil is supported by a pledge to cut Saudi production and a drop in US inventories
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Brent crude prices rose on Wednesday after Saudi Arabia, the world's biggest oil exporter, said it would cut crude exports and cut production further, while US futures increased as a drop in domestic oil inventories.
By 0950 GMT, Brent crude futures were up 88 cents at $ 63.30 a barrel, while US crude futures rose 66 cents to $ 53.76 a barrel.
"The good sentiment is back, but those who are bullish on the dollar have not yet fully overcome the crisis," said Stephen Brinock of BP Oil Associates.
"It is well known that the global economy is losing momentum under various risks such as US-China trade and geopolitical uncertainties."
The Organization of the Petroleum Exporting Countries (OPEC) said on Tuesday it had cut production by about 800 thousand barrels per day to 30.81 million barrels per day.
Most of the reduction is due to Saudi Arabia. Saudi Energy Minister Khalid al-Faleh told the Financial Times on Tuesday that production would fall below 10 million bpd in March, less than half a million barrels per day below the agreed target of the kingdom under the global supply cut.
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