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.
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.
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.