Asian stocks dropped, turning away from Wall Street's strong performance overnight.
The cuts are likely to be shared again by a dozen non-members led by top oil producer Russia, which reduced output in tandem with the Organization of the Petroleum Exporting Countries from January. Non-OPEC producers meet OPEC later on Thursday.
The Organization of the Petroleum Exporting Countries is to discuss in Vienna whether to prolong an accord reached in December in which it and 11 non-members agreed to cut oil output by about 1.8 million barrels per day in the first half of 2017.
Brent crude futures were trading at $54.39 per barrel at 0651 GMT, up 43 cents, or 0.8 percent, from their last close.
Brent crude futures were trading at $54.40 per barrel at 0118 GMT, up 44 cents, or 0.82 percent from their last close.
"A lot depends on this meeting, at least in the wording," Amrita Sen, chief oil analyst at Energy Aspects, said Wednesday when asked whether oil could surge to $60 a barrel after OPEC's meeting on Thursday.
U.S. Treasury bond yields extended their rise in late trading after a solid 2-year debt auction while euro zone shares closed higher on strong growth data.
India, the world's third-biggest oil consumer, would be hit with a price rise and Pradhan's concerns are completely justified as a spike in crude oil prices will hurt the country in several ways
"A nine-month extension would normalize OECD inventories by early 2018, in our view, but we see risks for a renewed surplus later next year if OPEC and Russia's production rises to their expanding capacity and shale grows at an unbridled rate," the Goldman analysts said.
Brent futures rose 26 cents, or 0.5 percent, to settle at $53.87 a barrel, while U.S. West Texas Intermediate crude for June rose 40 cents, or 0.8 percent, to settle at $50.73 per barrel on its last day as the front-month.
At the Multi Commodity Exchange, the June month contract of crude oil rose by Rs 34, or 1.04 per cent, to Rs 3,311 per barrel in a business turnover of 2,024 lots.
According to Achiievers Equities,Crude settled higher as investors remained optimistic that OPEC would reach an agreement to extend the current supply-cut.
Brent crude was up 12 cents at $52.63 at 0006 GMT, after settling up half a percent on Thursday. The contract is on track for a 3.5-percent climb this week, a second week of gains.
Brent crude was down 18 cents, or 0.3 percent, from its last close at $52.03 per barrel at 0244 GMT.
Brent crude futures were down 53 cents, or 1 percent, from their last close at $51.13 per barrel at 0028 GMT.
In its monthly report, the IEA kept its global demand growth forecast for 2017 unchanged at 1.3 million barrels per day (bpd), because of slowdowns in previously robust consumer countries such as the United States, Germany and Turkey.
Brent crude futures were at $52.05 per barrel at 0129 GMT, up 23 cents, or 0.44 percent, from their last close.
The next round of cuts will be on the same terms as the existing deal, Saudi energy minister Khalid al-Falih said at a joint briefing in Beijing with his Russian counterpart Alexander Novak.
Brent crude was at $51.68 per barrel at 0327 GMT, up 84 cents, or 1.7 percent, from their last close.
Brent crude futures , the international benchmark for oil prices, were at $50.82 per barrel at 0120 GMT on Friday, up 5 cents from their last close.
According to SBI Research's Ecowrap report, the easing of crude oil prices will have positive effect not only on inflation but also on GDP growth.
Oil prices held on to 3 percent-plus overnight gains, their biggest one-day jump since Dec. 1, following a steep drop in U.S. inventories and support from Iraq and Algeria for an extension to OPEC supply cuts.
State-owned Saudi Aramco will reduce oil supplies to Asian customers by about 7 million barrels in June, a source told Reuters, as part of OPEC's agreement to reduce production and as it trims exports to meet rising domestic demand for power during the summer.
The South Korean market is closed for Tuesday's presidential election, in which liberal Moon Jae-in is widely expected to win the presidency, following months of leadership vacuum since former President Park Geun-hye was removed in March on charges of bribery and abuse of power.