Oil prices rose sharply on Wednesday after top exporter Saudi Arabia promised deeper crude output cuts and industry data showed a decline in U.S. oil inventories.
Global benchmark Brent crude jumped 88 cents or 1.41 percent to $63.30 a barrel while U.S. crude oil futures were up 56 cents or 1.05 percent at 53.66 a barrel.
Saudi Arabia, the world's top crude exporter and de facto leader of OPEC, said that it would reduce oil production to about 9.8 million barrels per day in March to bolster prices. Earlier, the nation pledged to reduce production by 9.3 million barrels per day.
In the United States, the American Petroleum Institute (API) reported a small crude oil inventory draw of 998,000 barrels for the week ending February 8, trouncing forecasts for a rise of 2.7 million barrels.
Meanwhile, Goldman Sachs said in a report that the extent of the collapse in global growth expectations is unwarranted and production losses in 2019 are already larger than predicted.
The International Energy Agency said in its monthly market report on Wednesday that global markets remain comfortably supplied but the political crisis in Venezuela risks disrupting global crude markets.
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