World oil prices declined on November 22 due to the uncertainty of investors regarding the possible outcome of a meeting of OPEC in Vienna.
Oil prices on the rise joining the positive movement on equities markets despite a new forecast from producing countries for 2017.
Saudi Arabia expressed confidence that oil prices will keep recovering.
Oil plunged Monday a day after top producers failed to reach a deal in Doha to cap output.
OPEC warned that the world remains awash with crude ahead of a crunch meeting in Doha to discuss a production freeze to boost the oil price.
Russian President Vladimir Putin said Wednesday that he had sealed a pact with the country's oil majors to freeze production.
Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates face regional divisions, but will struggle to find common ground.
OPEC is confident that the oil market will be "more balanced" next year as non-OPEC production has contracted and global demand is increasing.
OPEC's announcement that it is keeping crude output levels unchanged again, despite a collapse in oil prices, reflects the growing influence of booming US shale.
OPEC ministers gather for an eagerly awaited meeting which is widely expected to leave its output levels unchanged, despite the recent oil price collapse and global oversupply.
Latin American crude producer Venezuela, struggling to cope with sharply lower oil prices, is seeking support outside OPEC to stabilise the market.
OPEC's strategy of not cutting production in order to maintain market share is working, Saudi Arabia's oil minister said.
Venezuelan President Nicolas Maduro held talks in OPEC's leading oil producer Saudi Arabia.
Venezuelan President Nicolas Maduro arrived in Tehran for a 24-hour visit during which he will meet officials from fellow OPEC member Iran.
Venezuelan President Nicolas Maduro begins a trip to China and OPEC member countries late Sunday in search of financial support.
OPEC will not cut oil production even if the price drops to $20 a barrel and it is unfair to expect the cartel to reduce output if non-members do not.
OPEC has no plans to intervene in the oil market to shore up sagging crude prices, the Kuwaiti oil minister said, as Brent crude breached the $60 mark.
Venezuelan President ordered his government to slash the budget of his oil-dependent and economically-weak nation.
OPEC ministers met to try to work out a deal to tackle rising oil supplies that are weighing heavily on crude prices and the cartel's revenues.
Oil prices were mixed in Asia ahead of a crucial meeting of the OPEC cartel later in the week that will discuss whether to trim output, analysts said.