
Oil Prices Extend Gains
Muhammad Rameez Published August 16, 2016 | 07:56 PM

LONDON, (APP - UrduPoint / Pakistan Point News - 16th August, 2016) - Oil prices rose Tuesday extending the previous session's gains, as markets assess the likelihood of producers reaching a deal to limit output. Around 1230 GMT, Brent North Sea crude for delivery in October was up 33 cents at $48.68 a barrel. US benchmark West Texas Intermediate for September delivery gained 28 cents to $46.02 compared with Monday's close. Traders are speculating on whether Saudi Arabia and other major oil producing nations will reach an agreement at a meeting next month to tackle a supply glut. Members of the Organization of Petroleum Exporting Countries (OPEC) as well as non-members are expected to meet informally in Algeria on the sidelines of the International Energy Forum from September 26 to 28.
Saudi Arabia's oil minister Khalid al-Falih has hinted that producers could discuss actions to stabilise prices.
His remarks last week sparked a price rally and the oil market gained further on Monday after Russian Energy Minister Alexander Novak said his country was working with Saudi Arabia to achieve oil market stability. On Tuesday Novak said his ministry was making plans for a possible meeting with OPEC in October. But Nigerian Petroleum Minister of State Emmanuel Kachikwu has voiced doubts that an agreement can be reached. Angus Nicholson, a strategist at IG Markets, added Tuesday: "The chances of a deal actually occurring at next month's OPEC meeting are minimal", following previous failed attempts earlier this year. Prior to the recent price rally, oil entered a "bear" market at the start of the month on oversupply concerns, falling more than 20 percent and closing below $40 a barrel for the first time since April.
Related Topics
Recent Stories

Team Abu Dhabi’s Rashed Al Qemzi underlines F2 dominance as battle for silver ..

Sharjah Ruler congratulates Saudi King on National Day

Abdullah bin Zayed, UAE delegation participate in 3rd day high-level meetings of ..

UAE, Indonesia reviewing strengthening economic cooperation

UAE Leaders condole with Italian President on death of Giorgio Napolitano

Saqr Ghobash congratulates Speaker of Saudi Shura Council on 93rd National Day

Dubai to host Urological Association of Asia Congress

Gautam Gambhir praises Babar Azam's World Cup potential

Tareen vows to serve people if given chance

Fujairah Crown Prince attends Prophet Mohammed’s birthday commemoration

Sultan bin Ahmed witnesses agreement to implement 'Sharjah Sat-2'

COP28 Presidency tells United Nations General Assembly: “Climate change is our ..
More Stories From World
-
Russian soldier missing after attack on Crimea naval HQ: Moscow
1 day ago -
Karabakh rebels say negotiating their troops' withdrawal
1 day ago -
Charles in Bordeaux on last day of climate-focused France trip
1 day ago -
Debris and dead bodies clutter flood-hit Libyan port
1 day ago -
Over 10,000 power pilferers netted across the MEPCO region so far
1 day ago -
Africa sentences exiled ex-leader Bozize to life
1 day ago
-
Russia says Crimea naval HQ hit in missile attack
1 day ago -
Climate crisis has 'opened the gates to hell' UN chief tells summit
3 days ago -
Pakistan's traditional products attract China-ASEAN Expo visitors
3 days ago -
Son of ousted Gabon leader held in corruption case
3 days ago -
India's lower house votes to reserve third of seats for women: speaker
3 days ago -
Azerbaijan says aims for 'peaceful reintegration' of Karabakh Armenians
3 days ago