US light crude was 15 cents higher at $67.69.
Brent rose above $80 per barrel on Wednesday for the first time since May, spurred by expectations that USA sanctions against Iran's oil exports, which will start in November, will tighten global markets.
Under the previous round of sanctions on Iran, OPEC's third-largest producer had used this strategy-keeping oil in floating storage off its coasts-when the USA and European sanctions in 2012-2016 cut its ability to export oil.
Brent crude futures traded at $79.20 a barrel while US crude futures rose 61 cents to $69.86 a barrel. Furthermore, Iranian oil exports continued to decline before the USA sanctions go into effect in November to provide an additional boost to oil.
Washington has told its allies to reduce imports of Iranian oil and several Asian buyers, including South Korea, Japan and India appear to be falling in line.
"Crude oil production in OPEC rose month-on-month by 278,000 barrels a day in August, to 32.57 million bpd in August", the oil cartel said.
Later in the day, the API is going to publish its weekly crude oil stock report, which showed a draw of 1.2 million barrels in the previous week.
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Novak said global oil markets were "fragile" due to geopolitical risks and supply disruptions.
US Energy Secretary, Rick Perry, met Saudi Energy Minister, Khalid al-Falih, on Monday in Washington, as the Trump administration encourages big oil-producing countries to keep output high. Perry will meet with Russian Energy Minister Alexander Novak on Thursday in Moscow.
"This is a huge uncertainty on the market - how countries, which buy nearly 2 million barrels per day of Iranian oil, will act".
Their combined output has risen by 3.8 million bpd since September 2014, more than the peak output Iran has managed over the last three years.
Russian Energy Minister Alexander Novak said on Tuesday that Russia and a group of producers around the Middle East dominated Organization of the Petroleum Exporting Countries (OPEC) may sign a new long-term cooperation deal at the beginning of December, the TASS news agency reported.
"We think oil market fundamentals are increasingly supportive of crude prices, at least at current levels", said Gordon Gray, HSBC's global head of oil and gas equity research.
Iran's September exports are expected to plunge and "average as little as 1.5 million barrels a day in September according to the preliminary loading program, compared to around 2.8 million barrels a day of oil exports in April and May", Amrita Sen, chief oil analyst at Energy Aspects, said in a note to clients, carried by Bloomberg.