Oil prices rose more than 1 percent on Friday as OPEC managed to agree a deal in order to increase output to compensate for losses in production at a time of rising global demand.
The market has since tightened significantly, pushing up crude prices and triggering calls by consumers to increase supplies.
Brent crude futures , the international benchmark for oil prices, were at $74.07 per barrel at 0034 GMT, up $1.02 cents, or 1.4 percent, from their last close.
US West Texas Intermediate (WTI) crude futures were at $66.45 a barrel, up 90 cents, or 1.4 percent.
The Organization of the Petroleum Exporting Countries (OPEC), a producer cartel de-facto led by top exporter Saudi Arabia, is meeting together with some non-OPEC members including top producer Russia at its headquarters in the Austrian capital to discuss output policy.
The group started withholding supply in 2017 to prop up prices.
Amid strong demand, the market has since tightened significantly, pushing up crude prices and triggering calls by consumers to increase supplies.
Saudi Arabia and Russia are in favour of raising output. Other OPEC-members, including Iran, have opposed this, resulting in a flurry of backdoor diplomacy ahead of the meeting, which starts on Friday.
“The actual decision by OPEC and its partners which may not actually become apparent until Saturday is the big one traders are watching,” said Greg McKenna, chief market strategist at futures brokerage AxiTrader.
The other big uncertainty in markets is potential Chinese tariffs on US crude imports that Beijing may impose in an escalating trade dispute between the United States on one side and China, the European Union and India on the other.
Should the 25 percent duty on US crude imports be implemented by Beijing, American oil would become uncompetitive in China, forcing it to seek buyers elsewhere.
“If China’s import demand dries up, more than 300,000 barrels per day of US crude will have to find a new destination,” energy consultancy FGE said, adding that “this will certainly depress US Gulf Coast prices”.