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West Texas Intermediate added to overnight gains of 9% to reach $50 a barrel for the first time since October. Brent crude, which soared $4 overnight, touched a six-week peak of $52.73 a barrel.
U.S. oil demand in September rose by 2.3%, or 446,000 barrels per day, from a year ago to 19.86 million barrels per day, according to the EIA.
Report shows breakeven prices for natural gas developments in the Mediterranean Sea and the U.S. Gulf of Mexico are among the lowest in the world.
A source told Reuters that OPEC delegates were now discussing a bigger than expected cut in production of 1.4 million barrels per day.
OPEC sources said experts in Vienna on Nov. 28 failed to bridge differences between its de facto leader, Saudi Arabia, and the group's second- and third-largest producers over the mechanics of output cuts.
U.S. shale oil producers will increase their output if oil prices hit $60 a barrel, meaning OPEC will have to walk a fine line if it curtails production to prop up prices, IEA director general Fatih Birol said.
IG Group market strategist Jingyi Pan said market sentiment has been buoyed by reports that key producers including Iran and Iraq were thinking about restraining production.
Occidental Petroleum, Chevron, Pioneer Natural Resources and ConocoPhillips are among those adding rigs or preparing to do so.
Donald Trump's surprise win in last week's U.S. presidential election boosted the dollar and stocks but undermined oil. Crude has also fallen because of waning expectations that OPEC will agree to reduce production this month.
While investors were always skeptical that a deal to cut or freeze oil output could be reached and implemented at an OPEC meeting on Nov. 30, an increasing amount of data has underscored a global skew towards oversupply.
This year's high came despite utilities pumping 1.549 Tcf into storage, which was on track to be the lowest amount of gas added during an injection season on record, according to EIA data going back to 1994.
OPEC pumping oil at a record rate of 33.83 million barrels per day in October, along with increases in production from non-OPEC rivals such as Russia, Canada and even the North Sea, threatens to reverse rebalancing.