Oil prices have increased due to a rise in Indian crude imports and following discussions between Organisation of the Petroleum Exporting Countries (OPEC) producers and other exporters to cut production to help end global oversupply.
Brent crude futures LCOc1 increased 33 cents and traded at $52.74 a barrel, while the US West Texas Intermediate (WTI) crude futures CLc1 edged up 20 cents at $50.99 per barrel, Reuters reported.
On expectations that major shale producers would freeze production, both Brent and the US WTI contracts increased more than 10% since the end of last month.
Indian oil imports last month increased 4.4% from the previous month to 4.47 million barrels per day (bpd) and rose 17.7% from a year ago.
Market participants said that the prospect of countries from the OPEC, as well as non-OPEC members such as Russia coordinating an output cut will offer support to oil prices above the $50 mark.
This week, government officials from major oil producers, including Russia, are set to meet in Istanbul to present more details of production cuts ahead of an official OPEC meeting to be held next month.
Wood Mackenzie refining, chemicals and oil markets vice-president Alan Gelder told the news agency: "Timing is key for Russia to provide non-OPEC support to re-balancing the oil market, as September was, momentarily, at unprecedented production levels.”