Crude prices fluctuated between gains and losses Friday while an OPEC meeting was under way amid uncertainty about whether major oil producers will extend a deal to limit supply.
Russian Energy Minister Alexander Novak told reporters on Friday that Moscow was not against tracking oil exports to assess producers' compliance with the deal.
The request by the Nigerian government for an exemption from the crude oil production cut has been granted by the Organisation of Petroleum Exporting Countries (OPEC).
Minister of state for Petroleum Resources, Emmanuel Kachikwu, who led Nigeria's delegation to the meeting, argued that though Nigeria's production recovery efforts have made some appreciable progress since October past year, Nigeria is not yet out of the woods.
Participants earlier this year agreed to extend the reduction of output by 1.8 million barrels per day (bpd) to March next year in a bid to eliminate the global oversupply and support crude prices.
"People feel like the market generally is rebalancing", Michael Lynch, president of Strategic Energy & Economic Research Inc in Winchester, Massachusetts, said by telephone.
Elsewhere, for November delivery on the ICE Futures Exchange in London was up 8 cents or about 0.14% at $56.51 a barrel, its highest since April. Numerous experts anticipate that they will broaden the arrangement that as of now endures till March, however many also said costs at current levels could urge a few nations to help production.
Oil prices had earlier fallen by more than 50 per cent in less than two years due to a supply glut, from levels of over $120 a barrel.
USA crude stocks rose a less than expected 1.4 million barrels at the end of last week, The American Petroleum Institute (API) said on Tuesday, while gasoline stocks fell 5.1 million barrels and distillates dropped 6.1 million barrels. Nigeria, which is now exempt from making cuts, reiterated that it would accept a cap once output stabilises around 1.8 million barrels a day.
The two African nations are now exempt from cutting output because of internal strife, and recent production gains from both countries have diluted the efforts of other members to drive prices higher.
Other ministers said a decision on extending cuts could be taken in November when Opec holds its next formal meeting.
The market for producers has improved since the last time ministers from the Organization of Petroleum Exporting Countries and their allies met, said Kuwaiti Oil Minister Issam Almarzooq.
On December 10, 2016 the group further declared to cooperate with non-OPEC oil producing countries to accelerate the stabilisation of the global oil market through voluntary adjustments in total production of around 1.8 million barrels per day.