Oil prices rose on hopes that top oil producers could cooperate to stabilise the oil market. Nigeria's petroleum minister Emmanuel Ibe Kachikwu said on Thursday that the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC members will meet in Moscow on March 20.

"Both the Saudis and the Russians, everybody is coming back to the table," Kachikwu said.

The Russian Energy Ministry Aleksandr Novak said that oil producers are ready to discuss options for the stabilisation of the oil market.

WTI crude oil for April delivery increased to $35.32 a barrel on the New York Mercantile Exchange.

Brent crude oil for April rose to $37.18 a barrel on ICE Futures Europe.