Oil prices moved higher in early Asian trade, with weak crude production from OPEC supporting prices, Oanda market analyst Ed Moya said in a note.
Although the IEA's oil-reserve release is weighing on sentiment, Moya says this already looks priced in.
So "that leaves the risks heavily tilted to the upside as OPEC remains ... unable to hit the quotas" it had earlier set.
"That could leave Brent prices ranging between $100 and $120 for now, with WTI more like $95-115," he added.
Front-month Brent is 1.3% higher at $113.18 per barrel and WTI rose 0.9% to $107.94 per barrel.