U.S. oil futures settled up 92 cents, or 2.85 percent at $33.22 per barrel Thursday, marking the first three-day win streak of 2016.
Brent crude was up 1.14 cents at $34.24 a barrel by 3.11 p.m. ET, after after trading as high as $35.84.
U.S. crude last traded 1.24 cents higher at $33.55 a barrel, down from an intraday peak of $34.82.
Oil settled up 85 cents on Wednesday and up $1.11 on Tuesday, breaking a run of negative settles amid supply concerns.
Oil prices were nearly 3 percent higher on Thursday after the Russian energy minister said Saudi Arabia had proposed that oil-producing countries trim output, which would be the first global deal in over a decade to help clear a glut that has depressed prices for over a year and a half.
Prices pared gains amid growing doubts over the deal to cut production by up to 5 percent after media reports said that delegates from the Organization of the Petroleum Exporting Countries had not yet heard of any plans for talks and that Saudi Arabia had not proposed cuts.
Crude had jumped as much as 8 percent after Russian Energy Minister Alexander Novak revealed the proposed reductions in output, which would amount to about 500,000 barrels a day of cuts by Russia, one of the largest producers outside OPEC.
A Saudi official later told the Wall Street Journal the proposal did not in fact come from Saudi Arabia, but Riyadh and its Persian Gulf allies "are ready to cooperate with others" to bring stability to international oil markets.