Oil futures rallied on Thursday, as talk of a possible cut in production from the Organization of the Petroleum Exporting Countries and weakness in the U.S. dollar helped crude recoup nearly 3% of a decline that took the U.S. benchmark below $40 a barrel.

On the New York Mercantile Exchange, January West Texas Intermediate crude tacked on $1.14, or 2.9%, to settle at $41.08 a barrel. January Brent crude rose $1.35, or 3.2%, to $43.84 a barrel on London’s ICE Futures exchange.

Source: MarketWatch