Oil Bounces Back After Algeria Says All Options Possible at OPEC Meeting



Oil prices rebounded after Algeria's energy minister Noureddine Bouterfa stated that all options were possible for an oil production cut or freeze during this week's informal meeting of OPEC members. The statement comes after oil prices fell by 4% on Friday amid indications that Saudi Arabia and Iran were making little headway in reaching a preliminary agreement to halt production.

U.S. WTI crude futures had risen 42 cents to $44.90 per barrel after sliding by 4% or $1.84 in the last session. U.S. crude advanced 4% in the previous week.

Brent crude futures climbed by 42 cents to $46.31 after losing $1.76 or 3.7% at the previous close and gained 0.3% in the prior week.

OPEC members will hold an informal meeting on the sidelines of the International Energy Forum in Algiers on September 26-28, where they will talk regarding a possible output-restricting deal.

News are provided byInstaForex.