Oil prices have risen 2.9% on expectations that the Organisation of Petroleum Exporting Countries (OPEC) is to cut supplies at an emergency meeting next week.
The jump was also spurred by a broader rise across many financial markets.
US crude settled up $US2 to $US71.85 a barrel, while London Brent crude gained $US1.76 to settle at $US69.60 a barrel.
The rise in oil prices pushed energy shares in Europe sharply higher, driving up markets across the continent.
