Brent Crude oil held above $100 per barrel today, after Saudi Arabia suggested OPEC should consider cutting output targets.
Prices climbed 0.45 per cent to $100.70 per barrel, while WTI Crude remained steady at 94.37 – up 0.67 per cent.
The world’s most influential oil cartel told news agency Reuters any cuts are likely to coincide with a return of Iranian oil to the market.
The West and Tehran are still in negotiations over a potential revival of the nuclear deal.
Earlier this week, the US revealed Iran had dropped some of its chief demands.
This includes its request that international inspectors close some probes of its atomic programme, as first reported by Reuters.
OPEC and its allies (OPEC+) are producing 2.9m barrels per day less than its pledged production hikes.
This makes any decision to cut supplies complicated to calculate and likely to spur a Western backlash.
While oil prices are back around the century mark, forceful signals from central banks and falling equities have stalled any further rallies.
European currencies weakened against the dollar, while global equities fell to a three-week low on Wednesday ahead of a US central bank symposium this Friday.
This will focus on efforts to tame inflation with higher interest rates, which could weaken growth and dent oil demand.
OPEC and its allies are is set to meet on September 5 to discuss future quotas.