Oil prices rose around 1% on Monday as traders expected top exporter Saudi Arabia to push producer club OPEC to cut supply towards year-end.
Prices have also been supported by the Organization of the Petroleum Exporting Countries signaling possible output cuts in 2019.
U.S. crude futures CLc1 rose 85 cents, or 1.5 percent, to $56.54 a barrel, after declining on Tuesday for a 12 consecutive sessions to the lowest since November 2017.
Rupee appreciated 67 paise to 72 against the US dollar at the interbank foreign exchange after crude prices fell to a one-year low in the global market, easing concerns over expanding current account deficit and inflation.
Trump on Monday said he hoped OPEC will not cut production, making it clear he wants oil prices to fall.
Positive global cues along with an ease in global crude oil prices pushed the key equity indices in the green during the mid-afternoon session of trade.
Indian shares edged lower in line with early weakness in Asian peers, due to losses in financials and healthcare stocks, but gains in oil marketers and an upbeat sentiment over a strong set of inflation data helped cap losses.
Oil prices fell by more than 1 percent, with Brent crude sliding below $70 and WTI below $60 per barrel, after U.S. President Donald Trump put pressure on OPEC not to cut supply to prop up the market.
Following four sessions of losses, Brent crude futures LCOc1 crude was up 14 cents at $70.32 a barrel, paring gains after trading as high as $71.88.
Italy will host a Libya conference that starts and aims to push forward a new U.N. plan to stabilize the troubled North African country after a initiative to hold elections next month failed.