Brent crude and West Texas Intermediate prices edge higher on talk of deal between Opec and non-Opec producers

Francesca Washtell
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Pennzenergy Company Oil Exploration Drilling Rig In The Gulf Of Mexico During Sunset (Ph
Oil prices rose on Monday but remained below $47 (Source: Getty)

Oil prices edged higher today on talk a deal to curb oversupply between Organization of Petroleum Exporting Countries (Opec) and outside producers.

Brent crude, the global benchmark, was up two per cent to $46.84 a barrel after Venezuelan president Nicolas Maduro said a deal could be announced as early as this month to stabilise the world's oil markets.

The price of West Texas Intermediate crude also lifted two per cent to a day-high of $44.15, drawing back from a five-week low last week on concerns about oversupply with more deliveries from Libya and Nigeria.

Read more: Opec keeps global oil demand forecast unchanged

The world's biggest oil producers are due to discuss a production freeze deal at informal talks in Algeria on 26 to 28 September.

A weaker dollar and a delay to Libyan exports also boosted prices of the black stuff today, as it emerged the loading of the first oil cargo from the port of Ras Lanuf has been disrupted by clashes in the North African state.

Read more: Opec warns of "lingering concerns" over US and European oil demand

Oil prices took a hit last week when the International Energy Agency pushed back its expectations for the market's long-awaited recovery until the second half of 2017.

Investors' nerves also took a knock after data showed the number of active US oil rigs had risen by seven to 414.

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