Oil rises

Oil rose yesterday to pare some of the previous day's losses, partly thanks to a weaker US dollar, but the limited likelihood of a near-term agreement among the world's biggest exporters to rein in production kept gains in check.

November Brent crude futures rose 49 cents to $47.75 a barrel by 0900 GMT, while US crude futures added 46 cents at $45.29 a barrel. Oil hit a one-week high on Monday after Russia and Saudi Arabia agreed to cooperate on stabilising the oil market.

Prices have since fallen due to uncertainty over a deal, particularly after a meeting in Doha in April among the world's largest producers to discuss output ended in failure.

The Opec and non-Opec producers are expected to discuss an output freeze at informal talks in Algeria on Sept. 26-28.