Oil futures jumped by more than 10% on Thursday, with the U.S. benchmark adding to already large gains following a report that Venezuela asked the Organization of the Petroleum Exporting Countries to hold an emergency meeting.

A special meeting of key oil producers implies that they would discuss a possible production cut to help stem the recent drop in oil prices. Venezuela has also asked OPEC to consider a coordination with non-OPEC Russia to discuss a strategy to stem the recent rout in oil prices, The Wall Street Journal reported, citing people familiar with the matter. “It is no surprise that the drumbeat is building for an emergency OPEC meeting,” Matt Smith, director of commodity research at ClipperData, told MarketWatch in the wake of the WSJ report.

“We have had comments out of Ecuador, letters from Algeria sent in recent days highlighting the pain that these OPEC members are feeling,” he said. “No one is feeling the pain worse than Venezuela, who subsidizes their fuel.” “That said, we continue to be aware that OPEC Gulf states are in this for the long haul, hence the likelihood of any emergency meeting seems slim—especially when those calling for an emergency meeting appear unwilling to cut production themselves,” he said.

West Texas Intermediate crude for delivery in October jumped $3.96, or 10.3%, to settle at $42.56 a barrel on the New York Mercantile Exchange. That was the largest single-session percentage gain for a most-active contract since March 2009. Prices had settled on Monday below $39 for the first time since February 2009. October Brent crude on London’s ICE Futures exchange climbed $4.42, or 10.3%, to $47.56 a barrel for the biggest percentage gain since December 2008. “The reality is that prices were due a bounce,” said Smith.

Investor sentiment was shored up as upbeat U.S. economic data helped fuel a strong climb in the Dow industrials Thursday. In China, the Shanghai Composite Index surged 5.3% to end a five-day losing streak. “China continues to announce more direct stimulus to fix [its] economy and the [European Central Bank] said it will expand quantitative easing if needed to drive growth and inflation,” said Kirk McDonald, senior analyst at Argent Capital Management—factors which buoy the outlook for energy demand.

U.S. economic data released Thursday provided support for U.S. equities. Weekly jobless claims fell, marking the first decline in five weeks. A reading on second-quarter gross domestic product, meanwhile, showed that the U.S. economy grew at a 3.7% annual pace, up from an initial estimate.