Oil rose towards $41 a barrel today after OPEC said it was willing to cut oil output further if needed to stabilise oil prices.
The market was also supported by a giant US economic stimulus package that the administration of US President Barack Obama is expected to get through Congress this week.
US crude for March delivery rose 65 cents to $40.82 a barrel by 1.23pm. London Brent climbed 83 cents to $47.04.
"f we think we still need more action, I'm sure the conference will take more action to stabilise the market," the secretary-general of the Organization of Petroleum Exporting Countries, Abdullah al-Badri, told reporters in London.
Badri also said the 12-member group appeared to be implementing promises of production cuts more thoroughly than expected by some in the oil market with 80 percent compliance.
OPEC has said it will cut oil supply by 4.2 million barrels per day (bpd) from its level of production in September in an attempt to bolster oil prices that have fallen from a record high of almost $150 a barrel in July.
Harry Tchilinguirian, oil analyst at BNP Paribas in London, said the market was also looking ahead to the passage this week of a massive economic stimulus package to try to revive the US economy.
"The stimulus package is a supportive structural factor," he said. "It should begin to have an impact on the economy in the second half of this year and is an underlying element conditioning sentiment."