The West Texas Intermediate for May delivery soared 5.01 U.S. dollars to settle at 25.32 dollars a barrel on the New York Mercantile Exchange, while Brent crude for June delivery jumped 5.20 dollars to close at 29.94 dollars a barrel on the London ICE Futures Exchange.
The market movement came after U.S. President Donald Trump made optimistic remarks, indicating that Saudi Arabia and Russia would reach a production cut agreement.
Trump tweeted Thursday that he expects a cutback of "approximately 10 Million Barrels, and maybe substantially more."
Saudi Arabia on Thursday called for an urgent meeting for OPEC+ group and other countries, the Saudi Press Agency reported.
The meeting aims at reaching a fair agreement to restore the desired balance of oil markets, it said.
Last month, a failure to strike a deal on oil production cuts between the Organization of the Petroleum Exporting Countries (OPEC) and its allies, led by Russia, had sent oil prices to a nosedive and sparked fears of a possible price war.
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