Oil prices increased on Monday following an announcement made by Russia, one of the world’s top three oil producers, that it is ready to discuss the condition of the market with other producers.

Brent was 50 cents higher at $48.63 a barrel, while US crude was higher at 50 cents and stood at $46.04 a barrel, Reuters reported.

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Prices were strong after the release of a report that highlighted a decline for the fifth week in the number of oil rigs drilling in the US.

"Brent was 50 cents higher at $48.63 a barrel, while US crude was higher at 50 cents and stood at $46.04 a barrel."

Friday’s data revealed energy companies in the US reduced the number of oil rigs by 26 in the latest week, signalling low prices were pushing drillers away from the well pad.

Reluctant to cut output to support prices last November, Russia said it will not co-operate with the Organization of the Petroleum Exporting Countries (OPEC) to defend its market share.

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Moscow’s energy minister said the country is willing to meet OPEC and non-OPEC oil producers to discuss the market if a meeting is called.

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Russian officials will also hold a separate meeting with Saudi counterparts in October.

PVM Oil Associates analyst Tamas Varga told Reuters: "Geopolitical tension created by Russia’s involvement in Syria makes co-operation with OPEC highly unlikely."