Oil prices were choppy on Thursday following reports OPEC could extend its oil supply-reduction pact with non-members and might even apply deeper cuts if global crude inventories failed to drop to a targeted level.
Benchmark Brent crude was down 4 cents at $55.71 a barrel by 2:33 p.m. ET (1933 GMT). The contract peaked at $56.24 during the session and bottomed at $55.13
U.S. light crude settled 25 cents, or half a percent, higher at $53.36 a barrel. It traded between $52.68 and $53.59.
U.S. gasoline was down 1.5 percent at 1.5252.
Prices clawed back some of their losses after a mid-morning plunge that spoiled an early rally.
"We were up at first on word OPEC may extend output deal, but there is so much supply in the market that their rhetorical prowess is on the wane," John Kilduff, founding partner at energy hedge fund Again Capital, told CNBC.