REUTERS
U.S. oil futures rose more than 2% in early Asian trade on Thursday, adding to strong gains the previous session after the world's biggest suppliers firmed up plans to meet to discuss freezing output, Reuters reported.
Oil producers including Gulf OPEC members support holding talks next month on a deal to keep production at current levels even if Iran declines to participate, OPEC sources said on Wednesday, increasing the likelihood of the first global supply deal in 15 years, Reuters said.
U.S. crude was up 76 cents at $39.22 a barrel at 0136 GMT and earlier traded as high as $39.38.
Brent crude rose 53 cents to $40.86, according to the report.
"A smaller than expected gain in inventories in the U.S. also supported prices," ANZ said in a morning note.
Read alsoOil rises as U.S. producers struggleU.S. crude oil stocks rose last week to record highs for a fifth straight week, data from the Energy Information Administration showed on Wednesday.
Crude inventories increased 1.3 million barrels in the week to March 11 to 523.2 million, a much smaller build than the 3.4 million-barrel increase expected by analysts, according to the report.