Brent crude oil is up five percent, at more than 41 dollars a barrel.
The surge is raising hopes that top producers will will agree to freeze output.
This, along with economic indicators in the United States and Europe pushing demand higher.
Wall Street was up on Friday, bolstered by the oil surge and Federal Reserve Chair Janet Yellen’s latest comments.
She has said America’s on a solid course and suggested the economy would be able to withstand gradual rate rises this year.
European markets have also been boosted by the rising oil price and more positive sentiment.