Oil prices have increased due to a weaker US dollar.

November Brent crude futures edged-up 49 cents to $47.75 a barrel, while the US crude futures added 46 cents at $45.29 a barrel, Reuters reported.

Oil prices have dropped due to uncertainty over a proposal to freeze output, particularly after a meeting that was held in Doha in April this year among major producers to discuss the deal, which was a failure. 

"Iran agreed to cooperate only if fellow exporters recognised its right to increase market share to past levels."

Petromatrix strategist Olivier Jakob told the news agency: "The market is reacting to all those headlines but I think if there is a 'Doha Two', it's probably going to be at the end of March or April 2017 and until then, there will continue to be discussions and negotiations, which will make a lot of headlines."

At a meeting set to take place in Algeria from 26-28 September, the Organisation of the Petroleum Exporting Countries (OPEC) and non-OPEC producers such as Russia are expected to discuss the proposal to freeze output.

Iran agreed to cooperate with the deal only if fellow exporters recognised its right to increase market share to past levels at a time when no nuclear-related sanctions were imposed.

A preliminary poll by the news agency revealed that the commercial crude stocks in the US likely fell by 100,000 barrels last week.