Oil prices have increased after Venezuela said Organisation of the Petroleum Exporting Countries (OPEC) and non-OPEC producers were close to announcing a deal aimed at stabilising the market.
Brent crude futures was up 55 cents at $46.32 per barrel, while the US crude increased 61 cents at $43.64 a barrel, Reuters reported.
Oil prices also gained support as clashes in Libya disrupted attempts to increase crude exports.
Venezuelan President Nicolas Maduro said that a deal may be announced this month to stabilise oil markets, which are under pressure from the supply glut.
Natixis analyst Deshpande Abhishek told the news agency: "We think there is a great window of opportunity for a freeze here.
"It will not just help balance the markets, but it is also a win-win for OPEC and Russia, as Iran is unlikely to add extra production anyway for the next six to 12 months."
Last month, crude exports from Iran increased 15% from a month ago to more than two million barrels a day, sources said.
Loading of the first oil cargo from the port of Ras Lanuf in Libya was stopped due to violence.
