Oil prices jumped for a third day on Thursday to their highest in three weeks after Kuwait gave its backing for an extension of OPEC production cuts in an attempt to reduce global oversupply.
Kuwait oil minister Essam al-Marzouq said his country was among several nations supporting the extension of a deal between the Organization of the Petroleum Exporting Countries and other exporters to limit output, state news agency KUNA reported.
The rebound has renewed some optimism after a period of three weeks where speculators aggressively reduced long positions following weeks of higher-than-expected inventory figures. Both Brent and U.S. crude reached their highest levels since March 9 on Thursday.
U.S. crude oil settled 84 cents, or 1.7 percent, higher at $50.35, it's best closing level in three weeks.
Brent crude oil was up 53 cents, or 1 percent, at $52.95 a barrel by 2:36 p.m. ET (1836 GMT) , after hitting a session high of $53.10.