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Oil prices edged up on Monday as OPEC drew closer to an output cut deal to curb an oversupply that has pushed down prices for more than two years.
Brent crude oil futures traded up 1.05% or 49 cents from their last close at $47.35 per barrel. Meanwhile, U.S. West Texas Intermediate crude rose by almost 1% or 44 cents, trading at $46.14 a barrel.
Traders said the oil markets were being propped-up by developing plans by the OPEC to lower output in an attempt to support the market after more than two years low prices that resulted from output surpassing demand. Reaching an accord has proved to be difficult given that some producers, particularly Iran, have been unwilling to lower its production.
But sentiment was lifted as the possibility of an agreement rose due to particular modifications OPEC was willing to make to encourage Iran to join. The country is now seen to be given an exemption under terms that it limits its production rather than lowering it, leaving the responsibility of direct reduction to other OPEC-members.
However, signs of weakness in demand continues to persist in the market. Japan, one of the biggest global oil consumers posted a 9.5% drop in crude imports in October year-on-year to 2.78 million bpd.
