(Mubasher): Oil prices rose during Monday's trading, after strong losses recorded last week, supporting expectations of extension of the agreement to reduce production.
By 0845 GMT, the benchmark Brent crude was up 0.38% at $ 52.16 a barrel.
Nymex crude futures were up $ 49.81 a barrel, up 0.38%.
Oil prices were hit last week by concerns about a rise in US production and US gasoline inventories rose after a three-week slump, with Nymex falling below $ 50 a barrel.
The Kuwaiti oil minister had revealed last week that Russia agreed in principle to extend the agreement to reduce production beyond June.
Issam al-Marzouki also expected the extension of the global oil supply reduction agreement to be extended beyond June, supported by increased commitment from non-OPEC producers.