Oil prices rose modestly in Asia today ahead of a producers' meeting this week that might agree to cap supplies. But analysts warned the wellspring of optimism should be tempered by experience of two years of gluts and disagreement among members of the Organisation of Petroleum Exporting Countries (OPEC). 

OPEC and Russia are slated to begin meeting later today on the sidelines of the International Energy Forum in Algiers, looking for ways to stabilise prices that have been depressed since 2014. Pre-forum talks last week between OPEC kingpin Saudi Arabia and member Iran were bleak, with neither willing to commit to freezing production, sending prices plunging more than 3.0 per cent on Friday. 

However, both major contracts rebounded today after Algeria's energy minister said all options were still on the table, said OANDA market analyst Jeffrey Halley. 

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