The West Texas Intermediate for May delivery on Monday moved up 64 cents to settle at $40.36 a barrel on the New York Mercantile Exchange, while Brent crude for June delivery increased 89 cents to close at $42.83 a barrel on the London ICE Futures Exchange, Xinhua news agency reported.
Nawal al-Fezaia, Kuwait's OPEC governor had said on April 5 that major oil producing countries can reach an agreement over a production freeze even if Iran does not join the move.
However, investment bank Goldman Sachs warned Monday that April 16 meeting could fail to tighten a heavily oversupplied market.
Last week, US oil companies cut oil rigs for a third week in a row to the lowest level since November 2009, oil service company Baker Hughes said on Friday. (IANS)