Oil prices have edged-up after the Organization of the Petroleum Exporting Countries (OPEC) members were set to renew efforts to implement an output freeze deal. 

Brent LCOc1 futures increased 28 cents to $47.23 and traded at $46.95 a barrel, while US benchmark crude CLc1 rose 23 cents at $46.04 a barrel, Reuters reported.

CMC Markets in Sydney chief market analyst Ric Spooner told the news agency: "Given the size of the move and that the market finished pretty close to its highs it is a situation that likely favours the move continuing a little longer."

"It is a situation that likely favours the move continuing a little longer."

In September, the cartel agreed to a provisional deal to reduce supply. However, disagreements have persisted among members and Russia on crucial details ahead of a meeting on 30 November.

Over the next few days, OPEC secretary-general Mohammed Barkindo will discuss the output freeze proposal with Iran and Venezuela.

A report released by the US industry group American Petroleum Institute (API) highlighted an increase in crude stocks last week.

The report showed that crude inventories for the week ending 11 November increased by 3.6 million barrels to 488.8 million barrels.

Investors are watching for official data to be revealed by the US Energy Information Administration.