Oil prices edged higher on Monday, after falling as much as 2 % in early trading, as the market grappled over the shaky prospect of major producers being able to agree output cuts at a meeting on Wednesday aimed at reining in global oversupply.

Brent crude futures LCOc1 fell as far as 2 percent before clawing back to trade 29 cents at $47.44 per barrel at 1008 GMT.
               U.S. West Texas Intermediate (WTI) crude futures CLc1 also recouped early losses and was trading up 15 cents at $46.21 per barrel.

The U.S. oil rig count rose by three last week, and Goldman Sachs (NYSE:GS) said that "since its trough on May 27, 2016, producers have added 158 oil rigs (+50 %) in the U.S."

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