Oil futures rose more than 1 percent on Tuesday on signs that OPEC would not be prepared to raise output to address shrinking supplies from Iran, and as Saudi Arabia signaled an informal target near current levels.
Brent crude futures were up $1.01 a barrel, or 1.3 percent, to $79.06 by 2:29 p.m. ET, after rising as high as $79.73 earlier in the session.
U.S. West Texas Intermediate (WTI) crude was up 94 cents, or 1.4 percent, at $69.85 per barrel, off a session high of $70.42.
Ministers from OPEC and non-OPEC producers meet on Sunday to discuss compliance with output policies. OPEC sources have told Reuters no immediate action was planned and producers would discuss how to share a previously agreed output increase.
Bloomberg reported on Tuesday, citing unnamed Saudi sources, the kingdom was currently comfortable with prices above $80 per barrel, at least for the short-term.