Oil also received support from an announcement by the Canadian province of Alberta that it would force producers to cut output by 8.7 percent, or 325,000 barrels per day (bpd), to deal with a pipeline bottleneck that has led to crude building up in storage.
Russian Federation and Saudi Arabia agreed to extend into 2019 their agreement to manage the oil market, known as OPEC+ at the weekend's G20 meeting in Argentina.
"If at this week's OPEC meeting we receive confirmation that production cuts are coming the markets way, this may put some sort of a base under oil prices moving forward".
"This might be the critical breakthrough for OPEC and non-OPEC to cut", said Derek Brower, a director at consultant RS Energy Group.
Heading into the OPEC meeting, it wouldn't be a surprise to see crude prices stabilize, or even recover, as speculation for a cut grows, particularly if the relevant officials continue to strike an optimistic tone, said Marios Hadjikyriacos, a market analyst with broker XM.
"Their personal ties strengthened the probability of a new output-cut deal", he said.
Reports Friday, citing comments from a delegate to Bloomberg, said an OPEC committee has suggested a 1.3 million-barrel cut from the October production level. The advisory group's proposals aren't binding, and OPEC ministers often choose a different path.
Friday's price fall has increased the stress over OPEC in front of an awaited meeting between the OPEC and its associates to be held on December 6 in Vienna, where they are expecting to declare the decrease in the oil output for the year 2019.
Both main contracts have plunged by about a third since hitting four-year highs at the start of October, hit by a number of factors including easing demand, high production, softer-than-expected U.S. sanctions on Iran and a global growth slowdown. Oil trading has been volatile over the last week as traders took positions ahead of the OPEC gathering.
In public and private, Trump has told the Saudis he wants cheaper crude, even disclosing that he berated the crown prince in an October phone call when global benchmark Brent surged above $80.
"It's hard to predict where oil prices will go from here but they have been heavily oversold", he said.
Oil closed out its worst month since the global financial crisis a decade ago as all eyes turned to this weekend's G20 summit for signs that Saudi Arabia and Russian Federation can head off a worldwide supply glut.
Crude Oil prices gapped higher on Dec 2 rising more than 3%.
While presumably the advisory board's recommendation buoyed analysts who are optimistic about the cartel slashing production, Stephen Brennock, oil analyst at PVM Oil Associates, stated in a research note published Friday that Russian Federation and the Saudis differ on the need for cuts, and this leaves the kingdom and allied non-OPEC producer facing its "toughest test yet" to find a compromise.