Brent August futures traded above $50 per barrel level bucking the decline in US oil inventories.
Investors awaiting release of US Labor Department's non-farm payroll data for May.
Mohammed Sanusi Barkindo named as new secretary general.
Riyadh reportedly in favour of imposing ceiling on Opec's collective crude output to support weak prices.
Opec ministers debate oil market supply and demand ahead of expected policy decision.
Iran's deputy oil minister said Tehran will target boosting crude exports to pre-sanctions levels.
This is amid non-Opec countries reducing their oil production.
Despite the Doha Opec meeting failing to freeze output, there are reasons why oil prices can recover.
Talks fail after Saudi Arabia demands arch-rival Iran's participation in freeze.
IEA says agreement to cut oil output is meaningless as Saudi Arabia is only country capable of increasing production.
This announcement earlier overshadowed US government data that indicated its oil output was at record highs.
Country's oil minister said given recent sanction, Iran should be exempt from any production cuts.
South American country will still have the cheapest fuel prices in the world.
The country is suffering from its worst recession in over a decade coupled with triple-digit inflation.
Iran's OPEC envoy says Tehran will not commit to a deal between Saudi Arabia and Russia over capping output
Oil ministers of Venezuela and Iraq are travelling to Tehran to discuss the issue.
Saudi Arabia, Russia, Venezuela and Qatar agree to freeze oil output at January levels.
Decision to freeze production to January levels is 'adequate' after meeting with Russia and Iran.
Scepticism about Saudi Arabia and Iran cutting production clouds meeting.
DeVere Group CEO claims low oil prices could be beneficial and panic over 'minor bump' was exaggerated.
Return of Iran to the oil market after sanctions were lifted in January is expected to boost OPEC output.
Estate agents Knight Frank highlights oil as property market driver in its Prime Central London Sales Index.