LONDON: Oil prices rebounded Friday as traders fished for bargain crude after the previous day's heavy losses, and eyed an upcoming meeting to tackle a global supply glut.
At about 1130 GMT, US benchmark West Texas Intermediate (WTI) for October delivery rose 53 cents to $43.69 a barrel.
Brent North Sea crude for November won 74 cents to $46.19 a barrel compared with Thursday's closing level.
The market had dived Thursday after Russia suggested it may not be necessary to limit output, denting hopes for its gathering with OPEC producers in Algeria later this month.
Russian President Vladimir Putin has meanwhile urged compromise to find agreement on an oil production freeze to combat a global supply glut.
"We consider that it is the right decision for world markets, that's the first thing," Putin told Bloomberg News in an interview released Friday.
Crude oil has lost one tenth of its value from its August peaks, making the commodity ripe for traders seeking bargains.
"WTI oil was left vulnerable to extreme losses during trading on Thursday with prices breaking below $44 as investors discounted the possibility of OPEC securing a freeze in September's informal meeting," said analyst Lukman Otunuga at trading firm FXTM.
"Fears over the excessive oversupply in the markets continue to haunt investor attraction towards the commodity while concerns over slowing demand have capped upside gains.
"Crude oil stocks piles continue to rise while OPEC members incessantly pump to reclaim market share," he added.
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