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Oil prices rise amid supply glut, output-freeze expectation

Xinhua, September 8, 2016 Adjust font size:

Oil prices ended higher after a volatile session on Wednesday as investors were weighing the prospects of higher supplies against the possibility of an output freeze deal.

Brent oil price rallied to one-week high on Monday after Russia and Saudi Arabia agreed to cooperate on stabilizing the oil market.

The Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers such as Russia are expected to discuss an output freeze at informal talks in Algeria on Sept. 26-28.

Brent Oil price declined on Tuesday after Saudi Energy Minister Khalid Al-Falih said there is currently no need to limit oil output.

"There is no need now to freeze production," said Al-Falih in an interview on Monday in Hangzhou, China.

"It is among the preferred options, but it is not necessary today. The market is improving day by day." He said.

Analysts said investors are trying to establish a balance with supply being relatively high internationally versus the prospect that OPEC and non-OPEC members might come to an agreement that would support markets.

The West Texas Intermediate for October delivery added 0.67 U.S. dollars to settle at 45.50 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for November delivery gained 0.72 U.S. dollars to close at 47.98 U.S. dollars a barrel on the London ICE Futures Exchange. Endite