Oil prices rose on Monday, as the Organization of Petruleum Exporting Countries (OPEC) signals the possible extension to output cuts.

Media reported OPEC Secretary-General Mohammad Barkindo said on Sunday that consultations were under way for an extension of the agreement beyond March 2018 and that more oil-producing nations may join the pact, possibly at next month's meeting.

He also mentioned OPEC members and other producers may have to take some extraordinary measures to ensure the market is in balance in the long term.

On the data front, the number of rigs operating in U.S. oil fields fell by two to a total of 748 rigs last week, oilfield service firm Baker Hughes said in its weekly report on Friday.

The West Texas Intermediate for November delivery increased 0.29 U.S. dollars to settle at 49.58 dollars a barrel on the New York Mercantile Exchange, while Brent crude for December delivery rose 0.17 dollars to close at 55.79 dollars a barrel on the London ICE Futures Exchange.