Oil futures recovered from early losses in midweek to sustain a relentless rally that has seen a 20% rise in crude prices so far this year.
The market had come under selling pressure on the back of rising US shale production.
Geopolitical worries, arising from US sanctions against Opec producers Iran and Venezuela, soon returned to reignite the rally.
A bullish statement from Saudi Arabia reaffirming its commitment to longer production cuts also outweighed concerns about the continued increase in US oil output.
