– This is the script of CNBC's news report for China's CCTV on November 16, Wednesday.
Welcome to CNBC Business Daily, I'm Qian Chen.
Oil prices jumped nearly 6 percent on Tuesday, bouncing back from multi-month lows on expectations that OPEC will agree later this month to cut production to reduce a supply glut.
Saudi Energy Minister Khalid al-Falih is expected to travel to the Qatari capital, Doha, this week for meetings with oil-producing countries on the sidelines of an energy forum, sources familiar with the matter told Reuters.
The Organization of the Petroleum exporting Countries is due to meet on Nov. 30 to agree to limit output. An outline deal was reached in September but negotiations on the detail are proving difficult, officials say.
Traders and analysts also pointed to a report from Monday about a last ditch effort by OPEC to bring the world's top producers together to rein in production, saying it triggered a wave of short covering.
North Sea Brent crude oil was up $2.50 a barrel, or 5.6 percent, at $46.93 by 2:38 p.m. ET after hitting a three-month low of $43.57 on Monday.
U.S. light crude settled up $2.49 a barrel, or 5.8 percent, at $45.81. It reached a three-month low of $42.20 on Monday.
OPEC is a diverse grouping, politically and economically, and several members wish to increase production.
Saudi Arabia's energy minister has said it is imperative OPEC reach a consensus on a deal to curb production, Algeria's state news agency APS said on Sunday.
Venezuelan President Nicolas Maduro said on Tuesday he will meet with OPEC secretary-general Mohammed Barkindo in Caracas to discuss a potential agreement to limit global oil production.
IG Group market strategist Jingyi Pan said market sentiment has been buoyed by reports that key producers including Iran and Iraq were thinking about restraining production.
News of an attack on a major oil pipeline in Nigeria, the Nembe Creek Trunk Line in the southern Niger Delta, gave an additional push to prices.
CNBC Qian Chen, reporting from Singapore.