Brent crude futures for November delivery were up $1.12 per barrel at $47.95 a barrel at 11:25am GMT, after hitting a session high of $49.40.
US crude for October delivery was up $1.11 a barrel at $45.55 a barrel, after reaching a high of $46.53 a barrel earlier in the session.
Saudi Arabia and Russia said on the sidelines of the G20 summit in China that they signed an agreement to set up a task force to review oil market fundamentals and to recommend measures and actions that will secure market stability.
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