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Benchmarks continued to rise in post-liquidation trading, extending their gains to more than 5 percent.
US investment bank Goldman Sachs said it was increasingly optimistic about rising oil prices next year due to lower crude production and a partial recovery in oil demand.
The bank raised its forecast for 2021 of the world price of Brent crude to $ 55.3 a barrel from $ 52.50.
It also raised its estimate for West Texas Intermediate crude to $ 51.38 per barrel from $ 48.50 in its previous forecast.
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Global demand for fuel fell about 30 percent in April, largely due to stay-at-home orders, and weak consumption is expected to keep oversupply on the market for months, even as major World producers reduce production from May 1.
But analysts said rapid movement from those extremes could help reduce excess supply at a faster rate.
Brent crude futures ended the trading session higher, 76 cents, or 2.9 percent, to settle at $ 27.20 a barrel.
US West Texas Intermediate crude oil futures rose 61 cents, or 3.1 percent, to settle at $ 20.39 a barrel.
Benchmarks continued to rise in post-liquidation trading, extending their gains to more than 5 percent.
US investment bank Goldman Sachs said it was increasingly optimistic about rising oil prices next year due to lower crude production and a partial recovery in oil demand.
The bank raised its forecast for 2021 of the world price of Brent crude to $ 55.3 a barrel from $ 52.50.
It also raised its estimate for West Texas Intermediate crude to $ 51.38 per barrel from $ 48.50 in its previous forecast.
