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Futures for Brent have increased by $0.32 to $70.24 a barrel, while futures for WTI are up by $0.51 to $67.89.

U.S. crude oil inventories fell by 3.7 million barrels last week, according to the Energy Information Administration, with growth forecast of 1.3 million barrels.

Many analysts are predicting a further fall in prices, saying Brent’s failure to pass the barrier level of $71.42 could trigger a new wave of selling.

Venezuelan President Nicolas Maduro also expects a decline in prices, and the Wall Street Journal has written that Saudi Arabia is anticipating prices to stabilize at a level of $60 per barrel, according to sources.

One of the world's largest oil companies, Exxon Mobil, can survive low prices, as the investment decisions it has analyzed are based on a price of $40 per barrel, CEO Rex Tillerson said.