Mubasher: Oil prices rose in Monday's early trade nearing $47 a barrel; however, the future scene is still unclear ahead of the two-day OPEC meeting, which will start today, that could reverse the present gains.

By 3:20am GMT, Brent crude and WTI futures added 34 cents to level up at $46.82 and 44.82 per barrel.  

Oil prices are likely to remain volatile until the date of the meeting, said commodity analyst Ahmed Karm, advising traders to make use of the current rises to minimize their losses until the market re-balances.

OPEC members will meet today on the sidelines of the International Energy Forum in Algeria during 26-28 September in the presence of some non-OPEC major oil producers like Russia in an attempt to reach a freeze deal.