Asian markets were mixed as hopes for global economic recovery rises with more countries easing anti-coronavirus controls.
Prices rally as top producers say they would turn taps lower, while there were also hopes for a pick-up in demand as economies slowly reopen amid Covid-19 pandemic.
Prices recently crashed as the coronavirus pandemic saps global demand, with the situation compounded by a supply glut resulting from a price war between Opec cartel kingpin Saudi Arabia and non-Opec rival Russia.
The morning after the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia agreed to reduce output by 9.7 million barrels per day in May and June.
Thursday's Opec videoconference was part of a series of talks on stabilising the market, where oil prices have more than halved since the start of the year amid a pricing war between Saudi Arabia and Russia.
Kirill Dmitriev, one of Russia's top oil negotiators who also heads the sovereign wealth fund, says a deal is imminent, a month after oil prices tumbled due to the coronavirus pandemic and a price war between Russia and Saudi Arabia.
In the US, gasoline prices jumped after crude oil futures spiked nearly 15 percent following weekend attacks on Saudi Arabian oil facilities.
Without faster progress, 650 million people will still be left without access to electric power in 2030 - nine out of 10 of them living in sub-Saharan Africa, World Bank and other international bodies warned.
Natural gas accounts for 45 percent of the rise in energy consumption, helping drive record-high greenhouse gas emissions.
Organization of the Petroleum Exporting Countries (OPEC) said they would cut 800,000 barrels per day for six months from January, causing a sharp spike in oil prices.
The Russian economy’s dependence on oil and gas exports makes it vulnerable to fluctuating prices.
Since Saturday last week, large demonstrations were held across the country against soaring oil prices. But is it just about fuel?
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