Oil prices surged more than 40% after Saudi Arabia called for an OPEC meeting.
The announcement sent oil prices soaring by more than 40%, adding to growing signs that the kingdom and Russia may be ready to end their dispute over market share.
Reuters Saudi Arabia has called an emergency meeting between OPEC countries, Russia, and other producers to stabilize the oil market, which has been turbulent since the collapse of an agreement to cut supply, leading the Saudis to increase their production.
Saudi Arabia's announcement on Thursday sent oil prices soaring more than 40%, adding to growing signs that the kingdom and Russia may be ready to end their dispute over market share and resume cooperation.
Around 12:45 PM (Brasilia time), Brent crude was up about 17%, helping to boost Petrobras shares, which were up 13%.
US President Donald Trump said on Wednesday that he had spoken with Saudi and Russian leaders and believed the two countries would reach an agreement to support prices.
Even after the surge on Thursday, oil prices remain more than 50% below where they were at the beginning of 2020, before the coronavirus crisis impacted the market.
Saudi Arabia has called for an emergency meeting of the Organization of the Petroleum Exporting Countries and other producers, a group known as OPEC+, saying it wants a fair agreement to stabilize the market, according to the state news agency SPA.
Earlier on Thursday, Russian Energy Minister Alexander Novak told Reuters that the country has no plans to increase its oil production.
A Gulf source familiar with Saudi thinking told Reuters earlier that Saudi Arabia would support cooperation between producers to stabilize the market.
"Saudi Arabia has always welcomed and supported cooperation between oil producers in their efforts to stabilize the market during the current crisis, based on the principles of justice and equity," the source said.