Oil prices surged more than $1 a barrel on Thursday, lifted by concern about a steep drop in exports from Venezuela and concerns OPEC may not raise production at its meeting this month.
U.S. West Texas Intermediate (WTI) crude finished Thursday's session up $1.22, or 1.9 percent, at $65.95 a barrel. The contract is on pace to break a two-week losing streak.
Brent crude futures were up $2, or 2.7 percent, at $77.36 a barrel just before the close of trading, marking its first settlement above $77 in a week.
Crude prices got an early lift on concerns about exports from Venezuela. Gains grew when Algeria's oil minister indicated OPEC would focus on balancing the market rather than on rolling back production caps.