U.S. WTI crude futures were up 0.6% to $53.59, while global benchmark Brent gained 0.3% to $62.45.
Rig counts in the United States, an indicator of upstream investment activity, also fell to their lowest since February, pushing the West Texas Intermediate to above $54 per barrel.
They discussed trade and economic cooperation between the Kingdom and Russian Federation, including improving the regulatory framework and enhancing economic and investment cooperation, as well as joint projects in the fields of energy, industry and agriculture.
President Vladimir Putin said last week that Russian Federation and the Organization of the Petroleum Exporting Countries disagreed over what constituted a fair oil price, but that they would decide at the meeting.
Saudi Energy Minister Khalid Al-Falih has talked up the prospects for an agreement to extend, and said Monday that producer countries would strive to prevent a price slump below $40.
Prices fell by around 1% in the previous session and crude futures are down by some 20% from their 2019 peaks in late April, dragged lower by a widespread economic downturn that has started to impact oil consumption. Much will depend on the situation on the oil market in the second half of this year in the third quarter on trade wars, as well as on sanctions, Novak said.
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Despite this, MacPherson said "there is a limit to how much longer it (OPEC+) can continue to avoid addressing the serious challenge of being squeezed out by growing US production".
Traders said crude prices were rising because of statements by OPEC's biggest producer Saudi Arabia on Friday saying that the group was close to agreeing extending supply cuts.
The alliance of 24 producers has been undertaking a cut of 1.2 million barrels per day since the beginning of January.
This revision comes on the back of concerns about the health of the global economy.
Stephen Innes, managing partner at Vanguard Markets, said stronger stock markets also supported oil futures.