"I don't necessarily have the view that we are setting ourselves up for a big crunch within the next 3, 4, 5 years," CEO Rex Tillerson told the Oil & Money conference.

Brent crude LCOc1 was at $51.91 per barrel at 0655 GMT, up 39 cents, or 0.76 percent from the previous close. U.S. West Texas Intermediate (WTI) crude CLc1 was up 40 cents, or 0.8 percent, at $50.34 a barrel.

"Мы ждем результатов выборов (в США)", - сказал он журналистам в кулуарах "Oil&Money Conference 2016", отвечая на вопрос, будет ли он приглашать США на встречу в Вену.

Brent crude oil prices are forecast to average $43/barrel (b) in 2016 and $51/b in 2017. West Texas Intermediate (WTI) crude oil prices are forecast to average about $1/b less than Brent in 2016 and in 2017. The current values of futures and options contracts suggest high uncertainty in the price outlook. NYMEX contract values for January 2017 delivery traded during the five-day period ending October 6 suggest a price range from $37/b to $68/b encompasses the market expectation of WTI prices in January 2017.

Brent crude, the global oil benchmark, rose 0.2% to $51.91 a barrel on London’s ICE Futures exchange. On the New York Mercantile Exchange, West Texas Intermediate futures were trading up 0.1% at $50.21 a barrel.

Coordinated output curbs by Russia and the Organization of Petroleum Exporting Countries, who together pump about half the world’s oil, could boost fuel prices for consumers and revive the fortunes of a battered energy industry. While Putin’s comments are the firmest indication yet that such an agreement is possible, Russia is still pumping at record levels and has stopped short of a commitment to pull back. OPEC members also have many hurdles to overcome before implementing their first cuts in eight years.

December Brent crude oil futures LCOc1 were down 42 cents at $52.72 a barrel by 1100 GMT, below Monday's one-year high at $53.73, but off an intraday low at $52.51, while U.S. futures CLc1 were down 43 cents at $50.92 a barrel.

"Why should we do it?" Sechin, known for his anti-OPEC position, told Reuters in Istanbul on Monday evening, when asked if Rosneft, which accounts for 40 percent of Russia's total crude oil output, might cap its own output.

"Higher production from Libya, Nigeria and Iraq are reducing the odds of such a deal rebalancing the oil market in 2017," Goldman analysts said.

Global benchmark Brent crude futures LCOc1 reached a high of $52.57 a barrel, not far off a one-year high of $52.86 a barrel, by 1207, up 64 cents on Friday's close. U.S. futures CLc1 also gained ground, trading at $50.32, up 51 cents.