Tokyo
Oil prices extended gains on Tuesday, buoyed after top producers Russia and Saudi Arabia agreed to cooperate on stabilising the oil market, but a lack of immediate action to rein in output capped gains.
London Brent crude for November delivery was up 22 cents at $47.85 a barrel by 0643 GMT, after settling up 80 cents on Monday.
The global benchmark on Monday hit a near one-week high of $49.40 after the Russia-Saudi news, but has since pared gains after Saudi Energy Minister Khalid al-Falih said there was no need now to freeze production.
He added, however, that freezing output was one of the preferred possibilities. NYMEX crude for October delivery did not settle on Monday due to U.S. Labor Day holiday.
It was trading roughly 30 cents higher from late Monday, up 94 cents at $45.38 a barrel.
It rose as high as $46.53 on Monday, the highest since Aug.30.
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