Light, sweet crude for January delivery was up 10 cents to $46.38 a barrel, after reaching $47.64 earlier in the session, in electronic trading on the New York Mercantile Exchange by late afternoon in Singapore. The contract Friday fell $1.70 to settle at $46.28.
The Organization of Petroleum Exporting Countries, which accounts for 40 percent of global supply, has signaled it plans to announce a substantial reduction of output quotas at its meeting Wednesday in Algeria.
Analysts have questioned whether OPEC members will follow through with any announced cut.
"They're talking about a severe cut, but the question is their discipline," said Christoffer Moltke-Leth, head of sales trading at investment firm Saxo Capital Markets in Singapore. "Unless they really surprise the market, this cut may not support the price much."
Oil has jumped from a four-year low earlier this month of $40.50 a barrel on expectations an OPEC output reduction could be the catalyst to stabilize the oil price, which has fallen 65 percent since July.
Investors largely ignored OPEC's 1.5 million barrels a day output cut in October, focusing instead on a slowing global economy that's hurt crude demand.
"I expect crude to continue its slide and I don't think OPEC is going to prevent that," Moltke-Leth said. "Demand destruction in the major economies will still very much be on the agenda. We could go as low as $30 a barrel."
In other Nymex trading, gasoline futures rose 1.23 cents to $1.09. Heating oil gained 1.28 cents to $1.51 a gallon while natural gas for January delivery jumped 9.7 cents to 5.59 per 1,000 cubic feet.