Investing.com - Oil prices rose from near-2015 lows on Thursday after a report sourced to a senior OPEC delegate said Saudi Arabia would propose a deal to balance oil markets with non-OPEC help next year.
Benchmark Brent crude futures were up 1.88% at $43.33 a barrel 5.46 A.M. Eastern Time.
U.S. crude was trading at $40.54 a barrel after sinking below $40 on Wednesday.
Saudi Arabia, which has so far resisted any market intervention to prop up oil prices, will propose the Organization of the Petroleum Exporting Countries cut output by 1 million barrels per day next year, Energy Intelligence reported.
OPEC ministers were gathering in Vienna for their Friday meeting.
Oil market investors widely expected OPEC to maintain its strategy of keeping output high in an attempt to defend market share.
Despite Thursday's gains, the oil market remains heavily oversupplied, underscored by an unexpected weekly build in U.S. inventories.