However, OPEC members, alongside Russian Federation would be meeting on December 6th-7th in Austria for discussing the terms of "cut supply" to support the market and Russian Federation happened to show interest in joining OPEC.
Russian President Vladimir Putin said Saturday he and Crown Prince Mohammed bin Salman "have agreed to extend our agreement" to limit production as prices slump on global markets. "And whatever is the final figure, we agreed to monitor the market situation and react to it quickly".
Saudi Arabia said through its state-owned press agency that Riyadh and Moscow had held talks in Buenos Aires about "rebalancing" the oil market.
Speaking to Bloomberg, Derek Brower, a director at consultant RS Energy Group said "This might be the critical breakthrough for OPEC and non-OPEC to cut".
"You're going to have a ballet and concert of various statements that are either contradictory or reinforcing leading up to the OPEC meeting", said Harry Tchilinguirian, head of commodity markets strategy at BNP Paribas in London.
"Their personal ties strengthened the probability of a new output-cut deal", he said. (WTI) crude futures were at $53 per barrel at time of writing, up $2.07 per barrel, and 4.1% from last close. Yet the view that the oil market is oversupplied is a signal the cartel is laying the groundwork for action.
Peter Kiernan, lead energy analyst at the Economist Intelligence Unit, added, "OPEC is grappling over how to manage the expected weaker fundamentals in the oil market next year, yet the uncertainty about what the group will do at its meeting next week is causing markets to be more anxious".
But since reaching four-year highs in October, oil prices have plunged around 30 percent as worries about falling demand in a slowing world economy have taken their toll.
International Brent crude oil futures were up $2.18 per barrel, or 3.7%, at $61.64 a barrel.
Crude oil prices gapped over 3 percent higher at the start of the Asia trading session following a rally in APAC equities.
Meanwhile, oil producers in the United States continue to churn out record amounts of oil, with crude output at an unprecedented level of more than 11.5 million bpd.
France's President Emmanuel Macron, who has faced intense protests against growing gasoline prices in his country, also called for cheaper oil at the G-20 summit. Despite pressure from angry senators and other Washington power players, the Trump administration has maintained its support for the Saudi leader.
That has left Brent was down about 12% so far this year, as surging oil production in the US, Russia and among key members of OPEC has helped to create a glut in global markets.