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Oil Climbs as OPEC May Hold Formal Meeting Next Week in Algiers
ALGIERS, Capital Markets in Africa: Oil rose after Algeria said OPEC may turn its planned informal meeting in Algiers next week into a formal session.
The 14-member group may hold a formal meeting as it seeks ways with other producers to cut crude supplies by 1 million barrels a day to re-balance markets and stabilize prices, Algerian Energy Minister Noureddine Bouterfa said.
“The comments that OPEC may hold an extraordinary meeting next week give the confab a heightened validity,” said John Kilduff, partner at Again Capital LLC, a New York hedge fund focused on energy.
West Texas Intermediate for October delivery, which expires Tuesday, rose 51 cents, or 1.2 percent, to $43.81 a barrel at 11:11 a.m. on the New York Mercantile Exchange after dropping 1.7 percent earlier. Brent for November settlement climbed 12 cents to $46.07 on the London-based ICE Futures Europe exchange.