Crude oil futures bounced back and ended higher on Thursday, as concerns over an uptick in US and Libyan production were offset by talks of an extension to the Opec-led deal to curb output. The prices were supported by Saudi King Salman’s visit to Moscow that fuelled expectations that the two nations would discuss a possible extension to the global pact to curb output. Investors weighed the possibility of an extension to the OPEC-led deal against expectations that growing output in the US and Libya could weigh on oil prices. Though, traders continued weighing this week's U.S. inventories data that capped further gains.

Benchmark crude oil futures for November delivery ended higher by $0.81 or 1.6 percent at $50.79 a barrel on the New York Mercantile Exchange. Brent crude for November delivery gained 2.00 percent to $56.94 a barrel on the ICE.

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