Oil prices jumped more than 3 percent on Monday amid renewed speculation that OPEC would try to restrain output, easing oversupply worries that had sent the market to three-month lows last week.
U.S. West Texas Intermediate (WTI) crude futures settled 2.92 percent higher, or $1.22, at $43.02 a barrel.
International Brent crude futures were trading at $45.33 a barrel, up $1.06. or 2.39 percent.
The rise came on the back of a Wall Street Journal report late last week that OPEC countries such as Venezuela, Ecuador and Kuwait want to take another stab at cooperation between the 14-nation Organization of the Petroleum Exporting Countries and non-members such as Russia.
The last such initiative failed in April after Saudi Arabia backed out of talks in Doha, Qatar, citing Iran's refusal to join in a so-called production freeze.