Oil prices rose on Thursday on expectations that Saudi Arabia and Russia would extend production cuts, although record U.S. exports and the return of supply from a Libyan oilfield dragged on the market.
"Bullish comments from the Russian and Saudi Energy ministers are helping arrest the recent decline in oil prices," said Stephen Brennock, analyst at London brokerage PVM Oil Associates.
Both crude benchmarks have fallen more than 5 percent over the last week as investors have booked profits after almost three months of gains.
"I think the market is trying to stabilize," said Gene McGillian, director of market research at Tradition Energy. Potential demand decreases and pressure from production increases in the U.S., Libya and Nigeria could all threaten the rally, he cautioned.