Mubasher: Oil prices opened Monday Mixed after the Saudi oil minister invited OPEC countries to adopt the freeze agreement in spite of the increase in oil prices by 2:40am GMT.
Brent crude futures added 23 cents or 0.52% to stand at $44.78 per barrel, while West Texas Intermediate (WTI) inched down 3 cents or 0.07% to $43.38 a barrel.
The US dollar index rose 0.43% to 99.42 points against a basket of currencies.
"In this situation marked by a disruption in oil markets, it is imperative to reach a consensus among OPEC’s countries and to agree on an effective mechanism and accurate figures to activate the historic agreement of Algiers," said the Saudi energy minister Khalid Al-Falih on Sunday ahead of OPEC meeting by the end of this November.
The Saudi energy minister's statement revived hopes for a possible freeze agreement after OPEC countries announced their intention to increase productions, said commodity analyst Zamel Alotaibi, expecting oil prices to move above $45 a barrel this week on talks about oil output cut.
