Oil prices rise ahead of OPEC ministers meeting
Oil prices rose Monday after falling sharply during the previous trading session where it suffered losses more than 2%.
Brent crude for September delivery rose 24 cents to $ 48.30 a barrel by 0316 GMT on Monday.
The contract price closed at $ 1.24 or 2.5 percent on Friday after a consulting firm predicted a rise in OPEC output in July despite a pledge to rein in production.
Ministers from OPEC and non-OPEC oil producers gather in the Russian city of St. Petersburg on Monday to discuss a 1.8 million barrel-per-day cut to the end of March 2018.
The committee may recommend a conditional ceiling for the production of Nigeria and Libya, according to sources familiar with the talks, although some analysts expressed deep skepticism that the group would take such a step.