OANDA's Moya cautioned that the selling could start again in oil markets.
Brent crude futures rose 74 cents, or 1.2%, to $62.87 a barrel by 12:56 pm EST (1756 GMT). US West Texas Intermediate crude futures rose 68 cents, or 1.2%, to $57.22 a barrel
On Friday, prices jumped by about $2 a barrel after U.S. officials said a deal could be signed this month.
Brent crude futures LCOc1 gained $1.31, or 2.2%, to $60.41 a barrel by 11:27 a.m. EDT (1527 GMT), after earlier reaching a session high of $60.65 a barrel
International benchmark Brent crude futures, were at $57.61 a barrel by 0009 GMT, up 23 cents, or 0.4%, from their previous settlement
Prices edged higher by about 0.6% on Wednesday after a report showed a contraction in U.S. crude stockpiles
Brent crude oil futures were at $67.82 per barrel at 0122 GMT, down 4 cents from their last close but within a dollar of the $68.69 per barrel 2019-high marked the day before
Opec, as well as some non-affiliated producers like Russia, agreed late last year to cut output by 1.2 million barrels per day to prevent a large supply overhang from swelling more
Brent has risen nearly 12% so far in Jan, which would be the largest monthly percentage increase since Dec 2016
International Brent crude oil futures were at $59.64 per barrel, up 65 cents, or 1.1%, from their last close
Brent crude futures rose $2.23 to settle at $61.69 a barrel, a 3.75 percent gain
US light crude was up 98 cents at $57.44 after its steepest one-day loss in more than three years on Tuesday
Russia's TASS news agency reported that the two countries had started bilateral talks on the issue
The traders said, however, they expected some demand destruction in emerging market economies to help cap oil prices
IEA said last week that rising crude prices may dent demand in some of the world's fastest-growing nations unless producers take steps to boost supplies
US President Donald Trump has blamed the OPEC nations for surge in oil prices
Crude has rallied about 16 percent since mid-August as supply losses from Iran to Venezuela continue to rattle global markets
In July, Saudi Arabia told the producer group of the OPEC that it had cut production by 200,000 barrels per day to 10.288 million bpd
The Iranian issue is just one of several US foreign policy decisions that are reaching across the oil market with the potential to upend crude flows
Brent crude oil futures were at $73.25 per barrel at 0020 GMT, up 12 cents, or 0.2 per cent, from their last close