Mubasher: Oil prices saw a rise in early Asian trades on news that the escalating military conflicts in Libya had affected its oil exports over the weekend and oil producers are to have a satisfactory freeze agreement.
By 4:00am GMT, Brent crude futures rose by 62 cents, or 1.4%, to $46.39 per barrel.
The West Texas Intermediate (WTI) was placed at $43.66 a barrel, higher 63 cents, or 1.5% as compared with the last quote a session earlier.
Market analyst Ahmed Karm said the coming informal OPEC meeting on 28 September in Algeria could send prices higher to $48-50 per barrel to reach an acceptable decision on oil production.
Moreover, Libya may be unable to increase its oil production after failing to load its first ship, karm concluded.
Earlier, the Venezuelan president Nicolas Maduro today said OPEC and non-OPEC countries are about to agree on stabilizing oil markets this month.
