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Oil prices rose for a fourth day on Wednesday, with support from OPEC-led supply cuts and US sanctions overshadowing an industry report showing an unexpected rise in USA inventories last week.

"Oil market is in a fragile situation considering the supply and demand balance, so the oil producers should be wary of any trouble in the oil market, especially due to U.S. measures against big oil producers", Zanganeh was quoted as saying by state news agency IRNA upon his arrival in Moscow.

In December, OPEC member states and allied oil-producing nations, including Russian Federation, had agreed to curtail daily output of crude to help stop oil prices from sliding further downhill.

Last week, the API reported a surprise build in crude oil of 1.93 million barrels.

Production cuts from the Organization of the Petroleum Exporting Countries (OPEC) helped push the group's supply to a four-year low in March, a Reuters survey found.

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US West Texas Intermediate (WTI) futures rose 28 cents, or 0.5 per cent to $61.87 a barrel.

The EIA also reported an increase in gasoline production, averaging 9.8 million barrels per day.

The United States is considering more sanctions against Iran, whose oil exports have been halved by existing measures, an official said.

A day before, the American Petroleum Institute (API) reported a slight rise in the USA crude oil inventories by 3 million barrels.

Net U.S. crude imports rose last week by 386,000 bpd while exports dropped by 163,000 bpd to 2.7 million bpd.

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Among exempt producers, Venezuelan supply fell by 150,000 bpd as power cuts hit exports, adding to the impact of U.S. sanctions on state oil company PDVSA and a long-term decline in production.

Washington has instructed oil trading houses and refiners to further cut dealings with Venezuela or face sanctions themselves, sources told Reuters, and has urged Malaysia and Singapore to be vigilant for illicit Iranian crude in its waterways.

-China trade negotiations and positive Chinese and US factory activity data in recent days has also helped market sentiment by easing fears about weakening global oil demand.

"Overall, with a more relaxed financing environment, government efforts to bail out the private sector and positive progress in Sino-U.S. trade talks, the situation across the manufacturing sector recovered in March".

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