 "Crude oil rises above $35/bbl on dollar")
Oil extended a rally above $35 a barrel on Thursday, adding to the previous session's seven per cent jump, as support from a weaker dollar offset concern about ample supply and record-high US inventories.
Crude rebounded from an earlier decline after an Iranian official was quoted as saying Tehran supported a meeting between Opec and other oil producers - raising hopes they could take action to support prices.
"We are currently in an environment of elevated rumours," said Olivier Jakob, oil analyst at Petromatrix. "Without a fresh development Brent might face some difficulty to fly above $40." Brent crude was up 47 cents at $35.51 a barrel at 1442 GMT. US crude oil was up $1.00 to $33.28.
Iraq, Algeria, Nigeria and Ecuador would join fellow Organization of Petroleum Exporting Countries members Iran and Venezuela and non-OPEC producers Russia and Oman if talks are scheduled, Venezuela said in a statement after its Oil Minister Eulogio Del Pino held discussions in Iran.
Crude rebounded from an earlier decline after an Iranian official was quoted as saying Tehran supported a meeting between Opec and other oil producers - raising hopes they could take action to support prices.
"We are currently in an environment of elevated rumours," said Olivier Jakob, oil analyst at Petromatrix. "Without a fresh development Brent might face some difficulty to fly above $40." Brent crude was up 47 cents at $35.51 a barrel at 1442 GMT. US crude oil was up $1.00 to $33.28.
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The European benchmark crude traded at a premium of $1.05 to WTI for April.
Iraq, Algeria, Nigeria and Ecuador would join fellow Organization of Petroleum Exporting Countries members Iran and Venezuela and non-OPEC producers Russia and Oman if talks are scheduled, Venezuela said in a statement after its Oil Minister Eulogio Del Pino held discussions in Iran.