Oil prices have increased due to industry data indicating a fall in US crude stocks.

Concerns over a lack of a deal among oil producers to limit production has restricted the prices from increasing further.

Brent crude increased by 28 cents to touch at $46.25 a barrel, while US West Texas Intermediate (WTI) crude grew 20 cents to reach at $44.87, reported Reuters.

"AMERICAN PETROLEUM INSTITUTE's data indicated that crude stocks fell 752,000 barrels to 506.4 million."

American Petroleum Institute's data indicated that crude stocks fell 752,000 barrels to 506.4 million barrels in the week of 23 September.

Organization of the Petroleum Exporting Countries members will hold informal negotiations in Algiers but they are not likely to come to an agreement on limiting production.

Saudi Arabia had offered to cut oil production but Iran has rejected this offer. Iran wants to generate 12.7% of the OPEC's total production.

In case Saudi Arabia and Iran come to an agreement, OPEC will still have to deal with other members who want to expand their production.