Oil prices rose on news that Saudi Arabia is ready to cooperate with all oil producing countries to stabilise oil prices.

"Perhaps it would be fitting here to mention the role of the Kingdom of Saudi Arabia in the stability of the oil market, and its continued willingness and prompt, assiduous efforts to cooperate with all oil producing and exporting countries, both from within and outside OPEC, in order to maintain market and price stability," the Saudi minister for petroleum and mineral resources, Ali bin Ibrahim Al-Naimi, said.

Venezuelan Oil Minister Eulogio Del Pino warned on Sunday that oil price could drop to the mid-$20s a barrel next year if OPEC will not take any action to stabilise oil prices.

The oil rigs data also supported oil prices. The oil driller Baker Hughes reported on Friday that the number of active U.S. rigs declined by 10 rigs to 564 last week.

WTI crude oil for January delivery climbed to $42.75 a barrel on the New York Mercantile Exchange.

Brent crude oil for January rose to $44.89 a barrel on ICE Futures Europe.