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Oil prices rise as OPEC plans informal talks

Xinhua, August 9, 2016 Adjust font size:

Oil prices climbed on Monday after the oil cartel OPEC said it would hold an informal meeting next month and predicted that current bear market is only temporary.

Members of the Organization of Petroleum Exporting Countries (OPEC) were "in constant deliberations on ways and means to help restore stability and order to the oil market," OPEC said in a statement released on Monday.

An informal meeting of OPEC member countries is scheduled to take place on the sidelines of the 15th International Energy Forum which will take place in Algeria on Sept. 26-28, said the statement.

"The recent decline observed in oil prices and the current market volatility is only temporary," said Mohammed bin Saleh Al-Sada, Qatar's energy and industry minister and the group's current president, in the statement.

"The economies of major oil consuming countries are expected to improve which in turn would augment oil demand in the coming quarters... oil price would increase during later part of 2016," he added.

The West Texas Intermediate for September delivery added 1.22 U.S. dollars to settle at 43.02 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for September delivery increased 1.12 U.S. dollars to close at 45.39 U.S. dollars a barrel on the London ICE Futures Exchange. Endit