“The market is possibly moving on speculation that OPEC and non-OPEC countries will find an agreement to cooperate,” Carsten Fritsch, senior oil analyst at Commerzbank, told Reuters.

A depreciating U.S. dollar was also adding to oil gains, along with bets that the U.S. rig count could dip again this week after last week’s unexpected 26 rig decline.

Neil Azous of Rareview Macro argues that a rally in energy stocks could be underway, pointing to stabilizing prices, a 40% drop in large-cap energy stocks and a 60% fall in small-cap energy, reports Stephanie Yang for CNBC.

“You have to go back a very far time in history to find any other sector that really came close to that,” Azous told CNBC.

United States Oil Fund

For more information on the oil market, visit our oil category.

Max Chen contributed to this article.