Crude oil futures rose sharply on Monday amid renewed speculation that major producers including Saudi Arabia and Russia could cooperate to tackle weak prices and rein in oversupply. 

 Brent crude futures for November delivery were up USD 2.09 per barrel at USD 48.92 a barrel at 0902 GMT. US crude for October delivery was up USD 1.70 a barrel at USD 46.14 a barrel. 

Saudi Arabia and Russia later on Monday are due to make a joint statement during the G20 summit in China calling for cooperation to support oil markets, several sources with knowledge of the matter said. 

This comes after Saudi deputy crown prince told Russian President Vladimir Putin on the sidelines of the same summit that cooperation between the two countries would bring benefit to the global oil market.

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