Oil prices edged up by $1 on Monday after falling at the close of last week as investors' attention reverted to a tight global supply forecast and some risk appetite was restored by a last-minute agreement that prevented a U.S. government shutdown.

Brent crude advanced by $1.04 to $93.24 per barrel post dropping 90 cents on Friday.

U.S. West Texas Intermediate crude futures limited gains that had increased the contract by more than $1, and at last update, they were 96 cents higher at $91.75 per barrel after falling 92 cents on Friday.

After Saudi Arabia and Russia extended additional supply cuts until the end of the year, the two benchmarks increased by about 30% in the third quarter on expectations of a significant oil supply deficit in the fourth quarter.

According to a Reuters survey released on Monday, OPEC oil output increased in September for the second consecutive month, driven by surges in Nigeria and Iran despite reductions by Saudi Arabia.

Turkey will resume operations on an Iraqi pipeline this week to inject more oil supply into the system, the country's energy minister announced on Monday. The pipeline's operations had been interrupted for around six months.