U.S. crude futures settled at their highest level in more than a year on Monday after Russia said it was ready to join OPEC in curbing crude output.
Algeria's oil minister said he expected similar commitments from other non-OPEC producers.
Sentiment was also boosted by a rally in Wall Street shares and news that work was underway for the launch of the first sovereign bond issue of No. 1 crude exporter Saudi Arabia before the eventual listing of the kingdom's state-oil company Aramco.
U.S. futures settled up $1.35, or 3.1 percent, at $51.35 a barrel, the highest level since Oct. 15, 2015. They topped out at $51.60 intraday, the highest level since June 9.
Global benchmark Brent crude futures were up $1.06, or 2 percent, at $52.99 a barrel at 2:41 p.m. ET (1841 GMT). They earlier reached a peak of $53.73, the strongest level since Oct. 9, 2015.