Oil prices have stabilized, as market participants focused attention on US weekly data on oil and petroleum products.

Today at 20:30 GMT the American Petroleum Institute will issue its weekly inventory report. Official data from Energy Information Administration will be published on Thursday.

Reports will be a day later than usual due to the celebrations of Labor Day in the US on Monday.

Traders continue to assess the prospects of oil exporters meeting later this month.

The Organization of Petroleum Exporting Countries, led by Saudi Arabia and other major exporters of crude oil in the Middle East, will meet non-OPEC producers, led by Russia, on the sidelines of the International Energy Conference in Algiers on 26-28 September.

On Monday, Brent soared in value after Saudi Arabia and Russia pledged to work together to stabilize the market. However, since the agreement does not provide for early action to combat oversaturation supply the moves could not be sustained.

On Tuesday, Iranian Oil Minister Bijan Zanganeh met with OPEC Secretary General Mohammed Barkindo in Tehran and said that he would support any measures to stabilize crude oil around $ 50-60 per barrel.

The cost of the October futures for US light crude oil WTI (Light Sweet Crude Oil) rose to 45.42 dollars per barrel on the New York Mercantile Exchange.

October futures price for North Sea petroleum mix of Brent crude rose to 47.94 dollars a barrel on the London Stock Exchange ICE Futures Europe.