Brent surges past $47 on hopes of an OPEC deal after Saudi Arabia's offer

Brent crude added to its profits in American trade, soaring past $47 a barrel on revived hopes of a successful OPEC deal to rein in global production after Saudi Arabia offered to freeze production at January levels. 

As of 16:22 GMT, Brent rose to $47.30 a barrel from the opening of $46.04, with an intraday high at $47.63 and a low at $45.73. 

U.S. crude November futures closed down 3.5% on Friday, the first loss in four sessions, while Brent futures shed 3.1%, the biggest loss since September 9, after Saudi Arabia and Iran failed to agree on freezing production. 

The preliminary talks between Saudi Arabia and Iran ended without any deal, ahead of an OPEC meeting in Algeria on the sides of an international energy conference from September 26 to 28. 

Today the Algeria energy conference starts, with a side meeting between OPEC and other producer, including Russia, to discuss stabilizing prices and production. 

Algeria's oil minister, Nour Aldin Bouterfa said yesterday that all options are on the table, including freezing or slashing oil production, after saying last week that global production needs to fall by one million barrels bpd. 

Saudi Arabia said it would freeze production at January levels if Iran froze them at their current levels of 3.6 million bpd.

Riyadh pumped 10.69 million bpd in August, a record high and an increase of 0.49 million bpd from January's 10.2 million bpd. 

Alexandar Novak, Russia's oil minister, said his country didn't receive any offers from other producers regarding curbing production, asserting that not reaching a deal in Algeria wouldn't be the last of his country's efforts.