Oil prices edged up in early trading on Friday, extending gains from the previous session on expectations that exporters could at an upcoming meeting talk about ways to prop up a market that continues to be dogged by a supply overhang.

International Brent crude oil futures were trading at $46.20 per barrel at 0047 GMT, up 16 cents, or 0.35 percent, from their last close and not far off their $46.30 monthly high reached in the previous session.

U.S. West Texas Intermediate (WTI) crude futures were at $43.71 a barrel, up 22 cents, or 0.51 percent, from their last close.

Markets were supported as Saudi Arabia's energy minister Khalid al-Falih said in a statement late on Thursday that oil producers would discuss during a meeting next month in Algeria potential action to stabilise oil prices.

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"Global refining margins trended downwards in July. Brent cracking margins were $3.02 per barrel in July (down from $4.85/barrel in June) with Europe's refining utilisation at 82 percent in June. U.S. Gulf Coast cracking margins were $5.06 per barrel (-$0.03 per barrel month-on-month) with utilisation of 87 percent. Singapore cracking margins were $4.74 per barrel (-$1.03 per barrel month-on-month)," AB Bernstein said.