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Crude oil prices regained ground after the Saudi oil minister discussed the possible extension of a pact to cut global oil supplies beyond March 2018 with his Venezuelan and Kazakh counterparts.
U.S. crude was trading 36 cents firmer at 47.84 dollars a barrel, while Brent rose 22 cents to 56.00 dollars.
The news of the talks on Sunday helped offset the downward pressure on oil prices amid worries that energy demand would be hit hard by Hurricane Irma.
Investors remained cautious over the possible economic impact of Hurricane Irma as it chewed its way up the Florida coast, knocking out electricity to three million homes and businesses statewide.
U.S. crude was trading 36 cents firmer at 47.84 dollars a barrel, while Brent rose 22 cents to 56.00 dollars.
The news of the talks on Sunday helped offset the downward pressure on oil prices amid worries that energy demand would be hit hard by Hurricane Irma.
Investors remained cautious over the possible economic impact of Hurricane Irma as it chewed its way up the Florida coast, knocking out electricity to three million homes and businesses statewide.
