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Crude oil futures rose on Tuesday after Saudi Arabia pledged to work towards oil price stability, while a strong US dollar and an expected rise in US crude stocks kept the gains in check.
Benchmark Brent futures for January climbed 19 cents to $45.02 a barrel as of 0316 GMT after settling up 17 cents on Monday.
US West Texas Intermediate (WTI) crude was also up 19 cents at $41.94 a barrel, after hitting $42.18 earlier in the session. It finished down 15 cents at $41.75 on Monday.
"The focus is turning to the upcoming OPEC meeting and the hope that some production cuts will be forthcoming. OPEC member comments leading into the December 4 meeting are likely to continue to drive sentiment," ANZ said in a note on Tuesday.
Saudi Arabia led a shift by the Organization of the Petroleum Exporting Countries (OPEC) in November 2014 to defend market share against competing supplies, rather than cut output to prop up prices.
Saudi's Cabinet said on Monday it was ready to cooperate with OPEC and non-OPEC countries to achieve market stability, days before OPEC meets to review its year-long policy of not supporting prices.
On Sunday Venezuelan oil minister said OPEC cannot allow an oil price war and must take action to stabilise the crude market soon. When asked how low oil prices could go in 2016 if OPEC doesn't change its policy, he said: "Mid-20s."
ANZ added in its note that investors are awaiting U.S. crude stocks data, with expecatations of a small increase.
US commercial crude oil stocks probably gained 1.1 million barrels for the week ended November 20, according to a preliminary Reuters survey of five analysts on Monday. Another rise would be the ninth consecutive weekly gain.
"We still think that a low 40s NYMEX WTI is a floor from which the market can rally through the winter," said BNP Paribas said in a research note.
"Thereafter, the summer of 2016 presents down risk for oil prices as OPEC pursues its current policy, U.S. production stabilises and Iran delivers more barrels to the market."
Investors are betting more heavily on a fall in Brent crude oil than they have at any time in more than a year, according to data on Monday from the InterContinental Exchange (ICE).
The US dollar hovered near an eight-month high against a basket of currencies on Tuesday, keeping a lid on oil prices as a strong greenback make dollar-denominated contracts more costly for holders of other currencies.
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