U.S. oil prices held near seven-week highs on Wednesday after OPEC signaled optimism over its deal with other producers including Russia to curb production and clear a glut that has weighed on the market since 2014.
The U.S. April crude contract the new front-month future, was up 3 cents at $54.36 a barrel at 0028 GMT. On Tuesday, the March contract expired up 66 cents, or 1.2 percent, at $54.06, after peaking at $54.68, the highest since Jan. 3.
Brent crude was yet to trade after ending the previous session at $56.66 a barrel, up 48 cents or 0.9 percent. It earlier reached its highest since Feb. 2 at $57.31.