London Brent crude for November delivery had climbed 75 cents to $48.73 a barrel by 0400 GMT, after settling up 72 cents on Wednesday. NYMEX crude for October delivery was up 79 cents at $46.29, having ended the previous session up 67 cents.

Brent crude oil prices are forecast to average $43/b in 2016 and $52/b in 2017. West Texas Intermediate (WTI) crude oil prices are forecast to average $1/b less than Brent in 2016 and 2017.

Oil and gas companies are poised to increase spending on exploration and production globally by 5% in 2017, while offshore spending may continue to fall next year, based on Barclays’ midyear global spending survey of more than 200 companies.

The international rig count for August 2016 was 937 down 1 from the 938 counted in July 2016, and down 200 from the 1,137 counted in August 2015. The international offshore rig count for August 2016 was 228, up 2 from the 226 counted in July 2016, and down 42 from the 270 counted in August 2015.

November Brent crude futures rose 49 cents to $47.75 a barrel by 0900 GMT, while U.S. crude futures added 46 cents at $45.29 a barrel.

“Iran wants a stable market and therefore any measure that helps the stabilisation of the oil market is supported by Iran,” Mr Zanganeh said. “We support oil prices between $50 and $60 per barrel.”

"Supply and demand are near balance, but the balance is precarious," Andy Milnes, CEO, Integrated Supply & Trading (Eastern Hemisphere), BP, told delegates.

Light, sweet crude for October delivery rose 84 cents, or 1.9%, to $45.28 a barrel in the Globex electronic session. November Brent crude added six cents, or 0.1%, to $47.69 a barrel.

Средняя цена нефти марки Urals по итогам января-августа 2016 года составила $39,36 за баррель.

Supplies from the Organization of Petroleum Exporting Countries rose by 120,000 barrels a day to average 33.69 million a day in August amid increases by Iran, Iraq and Kuwait, the survey of analysts, oil companies and ship-tracking data showed. The group is due to hold informal talks in three weeks in Algiers, where Russian President Vladimir Putin says an agreement can be reached to limit output.

Asia's net oil imports surpassed the total amount of oil consumed in North America in 2015 and are set to rise after producers slashed spending on exploration and production on low oil prices, leaving oilfields at risk of sharp production declines in the next decade.

State-owned Saudi Arabian Oil Co., known as Aramco, increased its official selling price for Arab Light crude to Asia by 90 cents a barrel, to 20 cents below the regional benchmark, it said Sunday in an e-mailed statement. The company had been expected to raise Arab Light prices by 50 cents a barrel, to 60 cents less than the benchmark for Asian buyers, according to the median estimate in a Bloomberg survey of seven refiners and traders in the region.

U.S. Rig Count is down 367 rigs from last year's count of 864, with oil rigs down 255, gas rigs down 114, and miscellaneous rigs up 2. Canadian Rig Count is down 50 rigs from last year's count of 187, with oil rigs down 1, and gas rigs down 49.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in October traded at $43.35 a barrel at 0358 GMT, up $0.19 in the Globex electronic session. November Brent crude on London's ICE Futures exchange rose $0.22 to $45.67 a barrel. Week-to-date, both benchmarks were last down by around 9%, the biggest slump since the week of January 10 when prices dropped 11%.

The country is able to pump as much as 12.5 million barrels a day of oil, he said in comments broadcast during an official visit to buyers in Asia, its biggest market, including China.