Oil reversed course and rose as much as 3 percent on Thursday, after industry sources said Russia had accepted the need to cut production, together with OPEC ahead of its meeting next week.
Prices, however, were still set for its biggest one-month fall in November since the depths of the financial crisis in 2008, having lost about 22 percent so far.
A seemingly relentless rise in crude supply from the United States, now the world's top producer, together with Saudi Arabia's insistence that it will not cut output on its own to stabilize the market, earlier sent U.S. crude below $50 for the first time in over a year
But prices rebounded after sources said Russia would consider join an effort to cut alongside Saudi Arabia and other members of the Organization of the Petroleum Exporting Countries.
U.S. crude futures ended Thursday's session up $1.16, or 2.3 percent, at $51.45 a barrel, after earlier dropping to $49.41. Brent crude futures rose 75 cents, or 1.3 percent, at $59.51 a barrel, off an earlier session low of $57.50.