Brent crude futures were at $71.00 a barrel, up 38 cents, or 0.5%, from their last close by 0624 GMT. U.S. West Texas Intermediate (WTI) futures were at $61.73 per barrel, up 7 cents, or 0.1%, from their previous settlement.

Brent crude oil futures were at $69.94 per barrel, 6 cents, or 0.1 percent, above their last close. U.S. West Texas Intermediate (WTI) crude futures were at $61.56 per barrel at 0057 GMT on Wednesday, 17 cents, or 0.3 percent, above their last settlement.

Brent spot prices will average $70/b in 2019 and $67/b in 2020, compared with an average of $71/b in 2018.

Brent crude oil futures trading at $69.34 per barrel, down $1.51, or 2.1 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $60.57 per barrel at 0646 GMT on Monday, down $1.37 per barrel, or 2.2 percent, from their last settlement.

Brent crude oil futures were at $71.47 per barrel, U.S. West Texas Intermediate crude futures were down 76 cents at $62.84 per barrel.

Russia is meeting its obligations under the OPEC/non-OPEC crude production agreement, and participants remain committed to the arrangement, despite ongoing uncertainty over world energy market developments.

OPEC is due to meet in June, where the Iran question will no doubt be raised. But oil and gas leaders are taking a cautious approach, with Kuwait's oil minister Khaled Al Fadhel noting that a decision would be taken only after a review of oil prices.

Asked whether Iran’s oil could be removed from the market, Mr. Barkindo said: “No repetition is needed. Eliminating Iran from the oil market is impossible.”

Oil prices fell on Monday, extending a slump from Friday that ended weeks of rallying, after President Donald Trump demanded that producer club OPEC raise output to soften the impact of U.S. sanctions against Iran.

Putin said Ukraine was overpaying for gas which it could get much cheaper if it signed a transit deal with Russia.