Investing.com - Oil prices rose on Thursday after Saudi Arabia started talks about a reduction in crude sales to support a plan by OPEC to reduce global supply.
Brent crude climbed 48 cents, or 0.85% to $56.94 a barrel at 08:05 Eastern Time.
U.S. crude was up 42 cents or 0.79% to $53.68.
Prices had fallen earlier amid doubts over whether plans by OPEC and other leading producers to cut output would be fully implemented.
Markets also found support from an American Petroleum Institute report showing that U.S. crude inventories fell 7.4 million barrels last week to stand at 482.7 million barrels.
Analysts had expected a more modest decrease of 2.2 million barrels.
The U.S. Energy Information Administration was to release its weekly stockpile report later Thursday.