Oil climbed further above $52 a barrel on Friday, supported by a drop in US fuel inventories, though gains were kept in check by ample crude supplies even as Opec plans to cut output.
A global oil glut that has hurt producers but means cheaper pump prices for consumers looks set to go on at least six months longer than previously thought, the International Energy Agency said on Tuesday.
Algeria's energy minister has said there is a consensus among Opec and non-Opec members about the need to stabilise the oil market to support prices, state news agency APS reported on Saturday.
Russian President Vladimir Putin said an agreement between oil exporters to freeze output would be the right decision for the global market and a compromise should be found for Iran to achieve a deal.
Oil markets will begin to tighten in the second half of 2016 but the process will be slow and painful as global demand growth declines and non-Opec supplies rebound, the International Energy Agency said on Thursday.
The oil market is "on the path to rebalancing" despite the recent decline in global oil prices, said HE the Minister of Energy and Industry, Dr Mohamed bin Saleh al-Sada.
Oil rose further above $50 a barrel on Wednesday after an industry report showed a large drop in US crude inventories, with analysts expecting volatile trading ahead of Britain's referendum on EU membership.
Eighteen Opec member countries and major producers from outside the group met in Doha yesterday to discuss a possible freeze in oil production at January’s levels
Oil prices fell in thin trade as analysts said a weekend meeting of major oil exporters would do little to help to clear global oversupply quickly, even though it would provide a floor for the market.
Oil fell on Thursday as the International Energy Agency trimmed its forecast for demand growth and on signs that a producers' meeting this weekend will not yield a concrete plan to reduce oversupply.
Oil prices slid for a second day, under pressure from signs that some of the nimbler US producers increased drilling and from uncertainty surrounding a meeting of the world's major exporters to discuss freezing output.
Brent crude was on track for its third weekly gain on Friday, supported by an optimistic report from the International Energy Agency and a weaker dollar, which makes fuel cheaper for importers using other currencies.
