Falling U.S. inventories in recent weeks have helped alleviate some concerns about the global crude glut as Saudi Arabia and Russia underscored their commitment to reducing crude supply.
The membership talks come as OPEC members grapple with an oversupply of crude around the globe, brought on in part by rising production from U.S. shale regions.
At a meeting on July 24, Saudi Energy Minister Khalid al-Falih said that his country would limit its crude exports to 6.6 million bbl/d in August, almost 1 million bbl/d below the levels of a year ago.
OPEC states Libya and Nigeria were exempted from the limits to help their oil industries recover from years of unrest, though a committee on July 24 agreed Nigeria would now join the deal.
Oil traders are looking ahead to the July 24 meeting of several ministers from OPEC and non-OPEC members in Russia, though some analysts doubt it will lead to any new intervention.
Both benchmarks were trading at their highest since June 7 after rising more than 1.5% in the previous session on a report showing U.S. crude and fuel inventories fell last week.
Crude inventories fell by 4.7 million barrels in the week to July 14, compared with analysts' expectations for a decrease of 3.2 million barrels, the EIA said.
Before the EIA report that revealed a bigger weekly draw than forecast in crude and gasoline stocks, WTI and Brent futures were up about 0.6%, supported by strong demand for gasoline.
Russia is ready to continue working with OPEC, a source said, adding that Moscow welcomed a flexible approach by OPEC's leader Saudi Arabia to accommodate rising output from Nigeria and Libya.
Stratas Advisors’ Oil Comparables Weekly shows less in storage, lower field production than expected.