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U.S. oil price gains on OPEC-deal expectation

Xinhua, September 21, 2016 Adjust font size:

U.S. oil price increased on Tuesday as investors raised expectation for a market support deal from OPEC (Organization of the Petroleum Exporting Countries) next week.

U.S. oil price was supported as Algerian Energy Minister Noureddine Bouterfa said on Tuesday that instead of informal talks, OPEC may hold a formal meeting as it seeks ways with other oil producers to cut crude supplies by 1 million barrels a day to re-balance markets.

Moreover, Venezuela's President Nicolas Maduro said on Sunday that OPEC and non-OPEC countries were close to reaching a deal to stabilize oil markets.

OPEC members and Russia are scheduled to meet in Algeria from Sept. 26 to 28 to discuss ways to stabilize the market.

The West Texas Intermediate for October delivery added 0.14 U.S. dollars to settle at 43.44 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for November delivery lost 0.07 U.S. dollars to close at 45.88 U.S. dollars a barrel on the London ICE Futures Exchange. Enditem