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"Preventing crude prices from falling much further have been USA sanctions on Venezuela, targetting its state-owned oil firm PDVSA".

Furthermore, the report affirmed that in 2019, demand for OPEC crude is forecast at 30.6 mb/d, around 1.0 mb/d lower than the 2018 level.

U.S. West Texas Intermediate (WTI) crude oil futures rose 89 cents or 1.7 percent to 53.30 U.S. dollars.

Since plummeting more than 40 percent between early October and late December previous year, Brent crude has gradually pared some of its losses.

The estimate increased to 1.8 million barrels per day in 2019, from 1.6 million barrels per day previously.

"Oil is rallying further as investors were given confirmation that the Saudis will curtail output, and they see a lower chance of the trade tensions escalating at the moment", said Kim Kwangrae, a commodities analyst at Samsung Futures Inc.in Seoul.

The fact that top ranking officials were entering the negotiations "elevated the expectations a little higher" for a deal, Saal said. "Saudi Arabia, are intending to push more barrels into the market to offset shortfalls" of heavier grades of crude, the IEA warned.

The International Energy Agency (IEA) reported their monthly prognosis of the oil market on Wednesday and the findings echoed concerns of recent reports from OPEC and the Energy Information Administration (EIA).

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"The feel-good factor is back in play, but oil bulls are by no means out of the woods yet", PVM Oil Associates' Stephen Brennock said.

"We are no longer going to be inward-looking and focused only on monetizing the kingdom's resources", he said, noting that his country would focus efforts on creating what he described as "global gas business".

USA restrictions on Venezuela's energy sector should remove some 330,000 bpd in supply this year, according to Goldman Sachs.

The oil price has risen 20% so far this year, yet most of that increase materialised in early January, before the imposition of USA sanctions on Venezuela's energy sector.

Supply issues in OPEC-member Venezuela are also bolstering oil prices as the South American country suffers a political and economic crisis, with Washington introducing petroleum export sanctions against state-owned energy firm PDVSA.

"There was a recovery in crude oil prices, in tandem with improving global financial market sentiment, particularly following a shift towards a more patient approach in regard to interest rate increases by the US Federal Reserve", added the report.

"In terms of crude oil quantity, markets may be able to adjust after initial logistical dislocations (from Venezuela sanctions)", the Paris-based IEA said.