Brent North Sea crude for delivery in November, the crude-oil global benchmark, finished at US$53.20 a barrel in London, a gain of US$1.72 from Wednesday’s close.

Alluding to a possible meeting with the 12-member oil producer group OPEC, Energy Minister Alexander Novak said Saturday “if such consultations are to happen, we are ready to take part”, Reuters reported, although he did not say when and if such a meeting may take place.

Volatile oil prices affect investments, creating a situation that’s not good for producers or consumers, he said.

“A lot of people are saying the bottom is in”, said Mike Wittner, head of oil-market research in New York at Societe Generale.

Oil executives at an industry conference in London, meanwhile, warned of a “dramatic” decline in US output that could lead to a price spike if fuel demand escalates.

It’s being speculated that non-OPEC and OPEC countries will come to an agreement on cooperation.

Saudi Aramco typically adjusts prices based on the monthly changes in the price spread between first- and third-month physical Dubai and oil product yields for each grade.

“We have reduced the probability of a return to the $37 to $38 area per nearby WTI”, said Jim Ritterbusch of oil consultancy Ritterbusch & Associates in Chicago. The contract also fell 24 percent in the last quarter.

With global oil investments expected to be down by approximately $130 billion this year, the secretary-general of OPEC said Tuesday that this could mean higher prices in the near term.

The worldwide Energy Agency, which advises industrialised countries on oil policy, sees an even larger impact on non-OPEC supply in 2016 from low prices.

The U.S. economy added a disappointing 142,000 jobs during the month, well below analyst estimates of 205,000 and the August jobs level of 173,000 was revised sharply lower to 136,000, surprising analysts.

Oil steadied on Tuesday after a session of hefty gains on signals that the world’s biggest producers of crude may act jointly to support prices, which have more than halved over the past year. The Iranian side claimed it expects to boost its crude exports by one million barrels per day within six months since sanctions lifting.

Oil prices have fallen following a 2% rally on previous trading session, as commodity investors tried to sell out future adopting profit-taking positions. Last week, Russian Federation said it produced oil in September at levels not seen since the fall of the Soviet Union, pumping an average of 10.74 million barrels a day.