International Brent crude oil futures (LCOc1) were trading at $47.35 per barrel at 0023 GMT (7.23 p.m. ET), up 49 cents, or 1.05 percent, from their last settlement.
U.S. West Texas Intermediate (WTI) crude (CLc1) was up 0.98 percent, or 44 cents, at $46.14 a barrel.
According to traders, markets were being supported by advancing plans by the cartel to cut production in a bid to prop up the market following over two years of low prices as a result of output exceeding demand.
Such a deal has proved tricky to agree as some producers, most notably Iran, have been reluctant to cut output.
However, an agreement has become more likely as Iran, keen to increase output after international sanctions against it were lifted last January, was expected to be given an exemption if it agrees to cap its production rather than cutting it, leaving the onus of a an outright reduction on other OPEC-members, including its political rival and de-facto OPEC-leader Saudi Arabia.
As a result, Barclays said that some form of production cut deal was likely, but the bank added that any such agreement might have little impact on markets.
