West Texas Intermediate futures for November delivery slightly climbed to $46.29 (+0.06%), while Brent crude rose to $49.38 (+0.26%) amid hopes for a meeting between world's major oil producers.

Russian Energy Minister Alexander Novak told the Sochi-2015 international investment forum October 3 that Russia is ready to discuss oil markets with the Organization of the Petroleum Exporting Countries. However for now there is no information about a confirmed meeting.

Investors are also cautious ahead of U.S. inventory data. Some analysts believe that crude inventories rose further, because refinery activity decreased (89.8% last week compared to 91% in the week before).