Oil prices rose on news that top oil producer plan to lower their oil output. Russian Energy Minister Alexander Novak said in St. Petersburg on Thursday that Saudi Arabia proposed to reduce oil production by around 5%.

Later, the Organization of Petroleum Exporting Countries (OPEC) delegates said that there were no plans to discuss the oil output cut.

WTI crude oil for March delivery rose to $33.31 a barrel on the New York Mercantile Exchange.

Brent crude oil for March increased to $33.90 a barrel on ICE Futures Europe.