Oil prices climbed by around 1 percent on Wednesday amid a stock market rebound and on expectations that an OPEC-led output cut for 2019 would stabilize the supply-demand balance.

Axar.az reports citing Sputnik.

Disruptions to Libyan crude exports after local militia seized the country’s biggest oilfield, El Sharara, were also buoying prices, traders said.

International Brent crude oil futures LCOc1 were at $60.86 per barrel at 0543 GMT, up 66 cents, or 1.1 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $52.22 per barrel, up 57 cents, or 1.1 percent.