Oil prices rebounded slightly today after falling this week, helped by reports that Russia is considering production cuts, analysts said.
US benchmark West Texas Intermediate for delivery in November won 58 cents to $46.96 a barrel compared with yesterday's close.
Brent North Sea crude for December delivery gained 46 cents to stand at $50.19 a barrel in London deals.
Bloomberg News quoted Russian Energy Minister Alexander Novak as saying in Kazakhstan that Russia was prepared to discuss price ranges and output cuts when it meets with the Organization of Petroleum Exporting Countries in Vienna on Wednesday.
Russia is among the world's top oil producers alongside OPEC kingpin Saudi Arabia and the US.
Oil prices had fallen for the fourth day in a row yesterday as the US reported an increase in already high crude stockpiles, adding to concerns about the global supply glut.
The US Department of Energy surprised the market in a report showing that the country's commercial crude inventories jumped by 7.6 million barrels last week, nearly three times as much as experts had predicted.
