Opec's proposed deal to cut production has "put a floor" under the oil price at around $50 a barrel, Reuters says.
Indeed, international benchmark Brent crude gained nearly two per cent to $52.67 a barrel last night in New York, although it lost some of this ground in a "consolidation" trade this morning and dropped to a little above $52.
It's US peer, West Texas Intermediate, hit a year-high of close to $52 at one point last night and was holding above $51 a barrel this morning.
Optimism is growing for future trading, too - BMI Research says it sees "significant potential for an upwards break in Brent towards $60 per barrel".
BMI Research argues this is down to "bullish technical drivers and supportive conditions in the broader financial markets". Essentially, its analysts believe markets are quite "risk-on" and that oil's recent trajectory makes a case for further gains to come.
In addition to ongoing speculation that Opec will confirm its tentative supply deal when it meets formally next month, markets are buoyed by official data showing raw crude stockpiles in the US has fallen for the sixth time in seven weeks.
Optimism rises over OPEC oil freeze deal, Russia pledges to join in.
A headline drop of 5.2 million barrels was somewhat offset by an increase of 1.6 million barrels in reserves of refined products such as petrol, but that did not stop a bullish mood from taking hold.
"Even when factoring in hurricanes, it is difficult to write off the fact that US crude stocks have drawn by some 26.5 million barrels in the past seven weeks," analysts at JCB said.
A Wall Street Journal survey of investment bankers found they have upped a consensus forecast for the oil to average $56 per barrel next year - "but some have predicted the recent declines in stockpiles suggest prices could rise above $60 in the next year," says the paper.
However, prices could still be hit if the Opec deal falls through amid ongoing acrimony among member
Another danger is that if agreed, the deal could prompt a sharp rise in the oil price that in turn triggers a rapid increase in output from the US – the world's "swing producer", says Exxon chief executive Rex Tillerson, owing to its highly-efficient shale oil drillers.
That could bring a renewed supply glut that would put pressure on oil prices again next year.