Brent crude futures rose 80 cents on the day to $70.98 a barrel by 5.35 pm , while US crude futures rose 36 cents to $60.69 a barrel.
Saudi Arabia, the world's largest oil supplier, will cut its production by 500,000 bpd as of next month to help stabilise the market
OPEC and its allies will meet in Vienna on Dec. 6-7 to decide on output policy for 2019
A glut in the refining sector, where a wave of unsold gasoline has pulled profit margins into negative territory, may also lead to a slowdown in new crude orders
'Many countries' current account deficits have been affected by high oil prices
UBS analysts expect oil demand to grow more slowly in 2019, on higher oil prices and weaker economic growth
This is due to a weaker economic outlook, trade concerns, higher oil prices and a revision to Chinese data
Prices have already risen to a level that has contributed to a slowdown in economic growth and oil consumption in the past
As Brent crude forms a major part of the Indian import basket, the price the oil seller charges us has shot up the roo
Trump has made clear that he expects OPEC's largest producer, Saudi Arabia, to fill the gap in the market created by his Iran sanctions and stop prices going too high
On Wednesday, Brent climbed to the most technically overbought level since February 2012, while WTI inched higher to the most overbought since January
Oil prices have been climbing as buyers have already started steering clear of Iran before the implementation of US sanctions starting November 4
Paying more for oil will pressure current accounts and make economies more vulnerable to rising US interest rates
Trump's been increasing the pressure on OPEC, saying it's pushing oil prices too high
Almost 2 million barrels per day (bpd) of crude could be taken out of the market as a result of the US sanctions against Iran by the end of the fourth quarter this year
OPEC and non-OPEC oil producers meeting in Vienna
Opec and its allies meet this weekend to discuss production
Brent crude futures slipped 38 cents, or 0.5 per cent, to $79.36 a barrel.
But the US government does not want to push up oil prices
Rising oil prices will probably see India's current-account deficit widen to 2.6% of gross domestic product this financial year