Brent was still at $67.75 per barrel at 0244 GMT, up 20 cents, or 0.3 percent, from its last close.
Opec on Thursday cut the forecast of global demand for its oil this year as rivals boost production.
OPEC-led output cuts, sanctions on Iran and Venezuela and Saudi Arabia's plans to cut its crude oil exports in April, all contributed to crude oil's sharp upmove today.
Several factors contributed to the idea of a tightening market, including the Energy Information Administration reporting on Wednesday that USA crude inventories fell by 3.9 million barrels last week.
"This highlights the continued shared responsibility of all participating producing countries to avoid a relapse of the imbalance and continue to support oil market stability in 2019", OPEC said.
The EIA said the pace of demand growth could be slower than what was thought just a month ago. "It will see the United States account for 70 percent of the rise in global oil production and some 75 percent of the expansion in [liquefied natural gas] trade over the next five years". After averaging a record high of 10.1 million bpd in 2005, crude oil imports fell by 2.8 million bpd to an average of 7.3 million bpd in 2014.
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Production is expected to increase 1.35 million bpd compared to the previous year, but will grow more slowly than the previous forecast of 1.45 million bpd.
Meanwhile, Iraq has cut its oil exports average to 3.5 million barrels per day (bpd) in compliance with an ongoing production curb agreement, its oil minister said on Thursday.
Bloomberg reported that US President Donald Trump and Chinese President Xi Jinping may not meet until April at the earliest, after the Wall Street Journal said this month that Xi and Trump could meet around March 27.
Holding crude back crude prices from rising further have been concerns that a global economic slowdown that has gripped large parts of Asia and Europe, and which is showing signs of spilling into North America, will soon dent growth in demand for oil. Brent touched $67.39 a barrel on Monday, its highest since February 25.