Investing.com – Oil edged higher Monday after earlier losses on doubts about the impact of a proposed cut in OPEC output.
U.S. crude was up 6 cents, or 0.12%, at $49.87 at 06:45 ET. Brent crude gained 0.27% to $52.07.
OPEC members have agreed to cut output to a range of 32.50-33 million barrels per day to address the global supply glut.
However, details of the implementation of the accord have to be agreed at an OPEC formal meeting in Vienna at the end of next month.
Saudi Energy Minister Khalid al-Falih said Monday he was optimistic about an OPEC deal in November.
Investors are also looking to the International Energy Agency (IEA) monthly report due out Tuesday.
OPEC is due to release its monthly report the following day.
There are also concerns that higher prices could lead to increased U.S. shale activity.
Baker Hughes U.S. rig count data out Friday showed an increase of three to 428, its highest level in eight months.
The dollar index was higher. A stronger dollar depresses demand for oil.