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Oil prices rise on Saudi oil minister's comments

Xinhua, August 12, 2016 Adjust font size:

Oil prices climbed on Thursday as investors were digesting the latest remarks from the Saudi energy minister.

Saudi Energy Minister Khalid al-Falih said on Thursday that members of the Organization of Petroleum Exporting Countries (OPEC) as well as non-members would discuss the market situation, including any action that may be required to stabilize prices, during an informal meeting on Sept. 26-28 in Algeria.

Earlier this week, OPEC said in a statement that members of the group are "in constant deliberations on ways and means to help restore stability and order to the oil market."

"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 said.

The West Texas Intermediate for September delivery added 1.78 U.S. dollars to settle at 43.49 dollars a barrel on the New York Mercantile Exchange, while Brent crude for October delivery increased 1.99 dollars to close at 46.04 dollars a barrel on the London ICE Futures Exchange. Endit