The price of Brent crude oil steadied around $70 a barrel today after a near 40% decline since June.
Reuters reported that Brent increased 20 cents to $70.12 a barrel, while US crude futures rose 35 cents to $67.73 a barrel.
"Major oil producer Saudi Arabia now believes oil prices could stabilise at about $60 a barrel."
The price of oil has been unstable since OPEC's decision not to cut production, despite market oversupply.
The price of Brent declined to a five-year low, below $68 a barrel, on Monday, after averaging at about $110 a barrel in 2011 to 2013.
Several analysts anticipate oil prices to decline further following open comments by key OPEC members.
Citing sources familiar with the matter, The Wall Street Journal reported that major oil producer Saudi Arabia now believes oil prices could stabilise at about $60 a barrel.
Venezuela President Nicolas Maduro said a fair price for oil is about $100 a barrel.
Data from the Energy Information Administration (EIA) revealed that US crude inventories declined by 3.7 million barrels last week, while crude stocks at the Cushing, Oklahoma, delivery hub dropped by 694,000 barrels.