Oil prices have improved ahead of a key meeting of OPEC members with other major oil producing nations scheduled next week. 

Brent crude futures gained 10 cents to reach $49.40 a barrel, while US West Texas Intermediate (WTI) crude futures edged up by 7 cents to $46.99, reported Reuters.

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OPEC and other prominent members who participated in the output cut deal are set to meet next week in Russia to discuss the current global market condition amidst persisting abundant crude supplies.

OPEC and other producers have pledged to rebalance the market by reducing production by 1.8 million barrels per day between January this year until March 2018.

"Market participants seem to be convinced that the supply glut is here to stay and that the market is unlikely to rebalance anytime soon."

Trifecta director Sukrit Vijayakar was quoted by the news agency as saying: “Market participants seem to be convinced that the supply glut is here to stay and that the market is unlikely to rebalance anytime soon.”

US oil stocks stood at nearly 490 million barrels, which is above the five-year average. 

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Production in the US has also increased since last year by nearly 12% to 9.4 million bpd.

Traders have been eyeing new reports that prominent crude producer Saudi Arabia is working to draw down bloated stocks when numerous other members of the oil cartel are raising output.