LONDON: World oil prices rose modestly on Monday ahead of a producers' meeting this week that may result in agreement on capping supplies.
Analysts warned however that optimism should be tempered by a stubborn supply glut and disagreement among members of the Organization of the Petroleum Exporting Countries (OPEC).
Around 1100 GMT, the US benchmark West Texas Intermediate for delivery in November was up 54 cents at $45.02 a barrel.
Brent North Sea crude for November added 60 cents to $46.49 a barrel compared with Friday's close.
Top global oil producers "must take a decision" to stabilise prices, Algeria's energy minister said Sunday before an OPEC meeting due Wednesday in Algiers.
"Every state in the organisation agrees on the need to stabilise prices, it just remains for us to find a format that pleases everyone," said Noureddine Boutarfa.
"The best solution would be a (production) freeze", he added.
Oil prices collapsed from peaks of more than $100 a barrel in mid-2014 to near 13-year lows below $30 in January.
As a result, OPEC members are losing between $300 and $500 million a day, according to Boutarfa.
"Crude prices rose on Monday following comments from Boutarfa on Sunday that OPEC members would not leave their informal meeting in Algiers on Wednesday empty-handed," said analyst Bill Hodder at British-based consultancy Love Energy.
"A weak US dollar lent further support to prices," he added.
A faltering greenback makes dollar-priced oil cheaper for buyers using stronger currencies, thereby stimulating oil demand and price levels.
OPEC and Russia are slated to begin meeting later Monday on the sidelines of the International Energy Forum in Algiers, looking for ways to stabilise prices that have been depressed since 2014.
Pre-forum talks last week between OPEC kingpin Saudi Arabia and member Iran were bleak, with neither willing to commit to freezing production, sending prices plunging more than 3.0 percent on Friday.
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