Oil prices rise on hopes for deeper output cuts

Oil prices settled higher on Wednesday as investors' concerns for oversupply eased.

The West Texas Intermediate for March delivery increased $1.24 to settle at $53.29 a barrel on the New York Mercantile Exchange. Brent crude for April delivery rose $1.37 to close at $59.12 a barrel on the London ICE Futures Exchange, the Xinhua news agency reported.

The Organization of the Petroleum Exporting Countries, Russia and other oil producers will convene a ministerial meeting in March in Vienna as originally scheduled to make a decision on production policies for the upcoming months, Russian deputy energy minister Pavel Sorokin said on Tuesday.

Hopes that the world's major exporters would deepen supply cuts supported the oil prices.