The price of March futures briefly reached $71.03 per barrel late on Wednesday. As of 10:45 p.m. EST, Brent crude futures were trading at $70.96 per barrel.
US benchmark West Texas Intermediate (WTI) oil was up 0.93 percent to $66.22 per barrel.
READ MORE: Brent Crude Oil Price Surpasses $65 Per Barrel
In 2016, the OPEC and several oil producers outside the cartel agreed to cut oil output by a total of 1.8 million barrels per day in an effort to stabilize global oil prices. Non-OPEC states pledged to jointly reduce oil output by 558,000 barrels per day, with Russia pledging to cut production by 300,000 barrels daily.
In May, the parties to the agreement agreed to extend the deal until the end of March 2018. Another extension was made in late November that would make the deal in effect until the end of 2018.