Oil prices inched higher on Monday after one of the most bearish weeks in months, propped up by OPEC comments signaling the possibility of further action to restore market balance in the long term.
The Organization of the Petroleum Exporting Countries is due to meet in Vienna on Nov. 30, when it will discuss its pact to reduce output in order to prop up the market.
OPEC Secretary-General Mohammad Barkindo said on Sunday consultations were under way for an extension of the agreement beyond March 2018 and that more oil-producing nations may join the pact, possibly at next month's meeting.
He also said OPEC members and other producers may have to take some "extraordinary measures" to ensure the market is in balance in the long term.
In a speech to the Reuters Global Commodities Summit on Monday, Barkindo said he saw clear evidence the oil market was rebalancing.