The Wall Street Journal reported that crude oil prices rose 27% in the last three sessions due to lower revised estimates of U.S. oil output and a report that hinted that OPEC may be considering cutting production.

According to the Journal, the U.S. crude-oil benchmark rose by $3.98, 0r 8.8%, to $49.20 a barrel on the New York Mercantile Exchange, noting it was the highest price since July 21.

Citing the U.S. Energy Information Administration, the Journal said U.S. oil production had fallen sharply due to lower oil prices and that the number of rigs drilling for oil in the U.S. had fallen by 58% since October.

Access the full report from the Journal here.