U.S. oil prices turned positive late in the session to close higher on Thursday on a report OPEC members and Russia had agreed to meet in March to discuss capping crude production at January levels.
U.S. West Texas Intermediate (WTI) crude futures settled 92 cents higher, or 2.86 percent, at $33.07 a barrel, after falling more than $1 earlier.
Brent crude futures were up 79 cents at $35.22 a barrel, also having lost more than $1 at the session low.
Venezuelan oil minister Eulogio Del Pino said his country, Saudi Arabia, Russia, and Qatar had settled on meeting in March, Bloomberg News reported.
Oil prices rose last week and early this week after the four countries floated the freeze, but the rally lost steam as market watchers began to doubt the efficacy of the plan. They turned decisively lower on Tuesday after Saudi oil minister Ali al-Naimi said outright production cuts would not happen.