Oil rose more than 1% today, boosted by a commitment from OPEC to stick to a deal to cut output.
But prices remained more than $7 below last month's high due to persistent doubts over the feasibility of the group's plan.
Brent crude traded at $46.20 per barrel up 62 cents, or 1.36%, from the previous close.
US West Texas Intermediate (WTI) crude was up 75 cents, or 1.7%, at $44.82 a barrel.
The secretary-general of the Organisation of the Petroleum Exporting Countries said the group was committed to an output-cutting deal made in Algiers in September.
"We as OPEC, we remain committed to the Algiers accord that we put together. All OPEC 14 (members), we remain committed to the implementation," Mohammed Barkindo told reporters at a conference in Abu Dhabi.
Despite this, many analysts doubt OPEC's ability to coordinate a cut sufficient to balance the market.
Oil futures posted their biggest weekly percentage decline since January last week with Brent falling as low as $45.08, its weakest since August 11, and WTI hitting $43.57, its lowest since September 20.
There are also risks that the oil glut, which has dogged markets for over two years, could continue as OPEC's de-facto leader Saudi Arabia threatened to increase production.
Even if Saudi Arabia does not follow through on that threat, its exports could rise.
"Saudi local oil demand is falling, and just maintaining current output could imply higher exports," Barclays bank said.
There were also signs of rising future US output as the number of drilling rigs looking for new oil rose by nine to 450 in the week to November 4, the highest level since February.