NEW YORK, Feb. 19 (Xinhua) -- Oil prices settled higher on Wednesday as investors' concerns for oversupply eased.
The West Texas Intermediate for March delivery increased 1.24 U.S. dollars to settle at 53.29 dollars a barrel on the New York Mercantile Exchange. Brent crude for April delivery rose 1.37 dollars to close at 59.12 dollars a barrel on the London ICE Futures Exchange.
The Organization of the Petroleum Exporting Countries, Russia and other oil producers will convene a ministerial meeting in March in Vienna as originally scheduled to make a decision on production policies for the upcoming months, Russian deputy energy minister Pavel Sorokin said Tuesday.
Hopes that the world's major exporters would deepen supply cuts supported the oil prices.