Oil prices rose in Asian trading on Monday after Venezuela said that oil producers of OPEC nations outside OPEC are close to reaching an agreement on achieving production stability.
Prices of futures contracts for Brent crude rose 62 cents , or 1.4 percent , to $ 46.39 a barrel by 0:46 am GMT.
Futures contracts for crude prices also rose US West Texas Intermediate 63 cents , or 1.5 percent , to $ 43.66 a barrel.
Venezuelan President Nicolas Maduro, said Sunday during a press conference, that he may be announced reaching an agreement between OPEC and producers outside of this month.
The news agency quoted Algerian Mohammed Barkindo, Secretary General of OPEC, saying that members of the group may call for an extraordinary meeting to discuss oil prices , if reached a consensus during the informal meeting in Algeria this month.