Oil prices have extended gains due to the market being lifted by a slide in dollar value and a potential meeting of oil producers to discuss production cuts.

Brent crude increased 48 cents at $35.52 per barrel, while the US crude futures were up 53 cents and traded at $32.81, Reuters reported.

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Iranian oil ministry’s news service Shana cited Venezuelan Oil Minister Eulogio del Pino saying that six crude oil producing countries have agreed on an emergency meeting between Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC member states.

"The weaker US dollar provided some interim support to the commodity complex, but volatility in crude oil remains extreme."

Pino added, in case talks are scheduled, Iraq, Algeria, Nigeria and Ecuador would join OPEC members Iran and Venezuela and non-OPEC members Russia and Oman.

Oil prices also gained support due to the liquidation of a $600m leveraged fund bet on declining prices, traders said.

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Since mid-2014, oil prices have fallen around 70%.

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ANZ bank told the news agency: "The weaker US dollar provided some interim support to the commodity complex, but volatility in crude oil remains extreme."

In the week ending 29 January, crude inventories in the US increased 7.8 million barrels to 502.7 million barrels, against analyst expectations for a 4.8 million barrels rise.

Gasoline stocks also climbed to 254.4 million barrels.