Oil prices rise on news that Iran supports the decision to freeze the oil production at the level of January

Oil prices traded higher on news that Iran supports the decision to freeze the oil production at the level of January. Iranian Oil Minister Bijan Zanganeh said on Wednesday that the country support the decision to freeze the oil production at the level of January.

"The decision that was taken for the OPEC and non-OPEC members to keep their production ceiling to stabilize the market and prices for the benefit of producers and consumers, is supported by us," he said.

It is unclear if Iran keeps its oil output at its January level as the country targets its pre-sanctions oil output levels.

Russia and Saudi Arabia on Tuesday agreed to freeze the oil production at the level of January if other oil producers join.

Market participants are awaiting the release of U.S. crude oil inventories data. The American Petroleum Institute (API) is scheduled to release its U.S. oil inventories data later in the day, and U.S. oil inventories data from the U.S. Energy Information Administration is expected on Thursday.

WTI crude oil for March delivery increased to $30.87 a barrel on the New York Mercantile Exchange.

Brent crude oil for March increased to $34.15 a barrel on ICE Futures Europe.