Crude-oil futures have rebounded on renewed hopes that major producers might make progress on a deal to cut production. The rebound came just ahead of the OPEC meeting between Monday and Wednesday.

Brent crude, the global oil benchmark, and the US's benchmark West Texas Intermediate futures were both trading up by more than 1 percent.

However, analysts still believe that OPEC is under increasing pressure to take action to support prices. Brent oil prices have seesawed between 45 and 50 US dollars a barrel largely on comments by different oil ministers and leaders since OPEC announced the meeting in August.