Brent and US West Texas Intermediate (WTI) crude both gained as much as six per cent against their previous settlements this morning.
At 9.38am, (GMT) Brent was up 4.9 per cent at $31.53 per barrel, while WTI was up 4.5 per cent at $27.39 per barrel.
However, both are on track for weekly losses of more than 7 per cent and 11 per cent, respectively, says Reuters.
UAE`s energy minister Suhail bin Mohammed al-Mazrouei said the Opec oil cartel was willing to talk about cutting output with other exporters – but analysts remain sceptical.
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