Members of the Organization of Petroleum Exporting Countries and OPEC+ allies reporting readiness to cut production as well as a partial shutdown of a US refinery Thursday are fueling a rise in oil prices, reports Reuters.

A barrel of European reference oil Brent trades for USD 101.75 against USD 100.61 Wednesday afternoon. US counterpart West Texas Intermediate sells at the same times for USD 95.37 against USD 94.42.

Wednesday, both benchmarks hit a three-week high following Saudi Arabian Minister of Energy Abdulaziz bin Salman's announcement that OPEC and allies could dial back on extraction to inflate oil prices.

Analysts from US investment bank Citi tells the news agency that the outlook remains uncertain.

Considering the ongoing talks between Tehran and Washington on reviving the nuclear accord, not to mention fears of a looming recession, Reuters cites analysts saying an output reduction would seem tough to justify.

If the two governments reach agreement, scaling back on crude production would likely occur in step with Iranian oil reentering the global market, say unnamed sources from the cartel to the news agency.

Iran recently revealed having received a US response regarding the EU's latest proposal seeking an accord.

In the meantime, a fire at a US refinery in Indiana has resulted in a partial closure of the facility, which normally processes 430,000 barrels of oil per day, thus serving as a crucial central US fuel supplier.

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