International benchmark Brent crude traded at $75.04 per barrel at 1344GMT on Friday while American benchmark West Texas Intermediate (WTI) saw prices of $66.53 per barrel.
Brent crude traded at $73.03 per barrel at 0732GMT on Monday while WTI saw $63.86 per barrel.
Saudi-led OPEC and non-OPEC countries are attending the 174th meeting of the OPEC Conference on Friday and Saturday in Vienna to decide whether to increase their production levels.
Suhail Mohamed Al Mazrouei, president of OPEC Conference and UAE's minister of energy and industry, said in his opening remarks earlier on Friday that they would discuss findings and carefully analyze the outcome of the oil cut agreement which has been implemented since January 2017.
He also stated that the global economy was strong, and oil demand remained robust. "The market is evidently rebalancing, and the return of more stability has been welcomed by all stakeholders," he said.
OPEC and non-OPEC oil producers agreed in late 2016 to cut their output in order to trim a supply glut in the global market. They began implementing the agreement in January 2017 and later extended it until the end of this year.
By Gulsen Cagatay