Investing.com - Crude futures shot up from four-year lows on Friday amid market talk that OPEC countries may consider cutting output to bolster prices at its upcoming meeting.
In the New York Mercantile Exchange, West Texas Intermediate crude oil futures for delivery in December traded up 1.36% at $75.22 a barrel during U.S. trading, up from a session low of $73.28 a barrel and off a high of $75.73 a barrel.
The December contract settled down 3.85% at $74.21 a barrel on Thursday.
Support for the commodity was seen at $72.81 a barrel, the low from Sept. 21, 2010, and resistance at $78.08 a barrel, Wednesday's high.
Talk that prices may be falling too low for comfort to the point that OPEC may act gave oil prices a boost on Friday.
Oil ministers from Saudi Arabia and Kuwait have recently resisted calls to lower production, while Libya, Venezuela and Ecuador have asked for action to prevent further price declines.
The 12-member oil cartel is scheduled to meet in Vienna on Nov. 27 to discuss whether to adjust their production target for 2015.
Saudi Arabia has hinted at a willingness to let prices slide on the presumed expectations that U.S. shale producers will halt operations as a result, as such production costs more than traditional drilling.
Once U.S. shale producers table their operations for profitability reason, prices would presumably rise as the global economy absorbs excess supply.
By Friday, sentiments that prices may be falling too low for even Saudi Arabia sparked talk of a possible OPEC move to shore up prices, which boosted oil prices.
The International Energy Agency reported earlier that prices could slump even further in 2015.
Upbeat U.S. data supported oil as well by stoking hopes that the world's largest economy is gaining steam and will consume more fuel and energy going forward.
The Thomson Reuters/University of Michigan's preliminary reading on the overall consumer sentiment index for November hit 89.4, its highest reading since July 2007, beating forecasts for an 87.5 reading.
Also in the U.S., the Census Bureau reported that U.S. retail sales rose 0.3% last month, exceeding expectations for a 0.2% gain, after a 0.3% fall in September.
Core retail sales, which exclude volatile transportation items, increased by 0.3% in October, compared to expectations for a 0.2% slip the previous month.
Separately, on the ICE Futures Exchange in London, Brent oil futures for December delivery were up 2.10% at US$79.12 a barrel, while the spread between Brent and U.S. crude contracts stood at $3.90.