Mubasher: Oil prices saw a rise in early trade on Wednesday after OPEC Secretary-General Mohammed Barkindo, stated that the output freeze agreement will last for only one year.
"One year, we are looking at one year," said OPEC Secretary-General.
During 26-28 September, OPEC-members and major oil producers are scheduled to conduct informal talks over oil production in Algeria.
By 3:50am GMT, Brent Crude futures were higher 59 cents or 1.3% to $46.47 per barrel.
The US West Texas Intermediate (WTI) crude futures added 80 cents, or 1.82%, to level up at $44.86 a barrel.
Market analyst at Ingot Brokers Ali Shabeeb said the oil market is currently going over a volatile stage due to mixed speculations on the results of OPEC's next meeting in Algeria.
He advised traders to limitedly and cautiously step forward into the market as possible negative changes may occur after the US Federal Reserve meeting and the announcement of US official storage data by the Energy Information Administration (EIA) later on this Wednesday.
