U.S. oil prices rose on Monday after China moved to boost its slowing economy and Saudi Arabia pledged to work with other crude producers to limit market volatility, feeding hopes the oil selloff would end.
A Reuters poll also indicated the Organization of the Petroleum Exporting Countries pumped less crude this month than in January, boosting market sentiment.
"Crude and product prices have the ability to stabilize for a couple of months as long as storage constraints are not forcing supply to be backed up toward the producing fields," said Jim Ritterbusch of energy markets consultancy Ritterbusch & Associates in Chicago.
Since Feb. 11, the last time Brent was below $30, the crude benchmark has risen by 17 percent, though prices are still a fraction of the $115 of 20 months ago.
China, the world's largest oil importer, on Monday cut its reserve requirement ratio, the amount of cash banks must hold as reserves, for the fifth time in a year. The move boosted risk appetite across financial markets.