Crude prices rebound after Algeria says all options are open
On Monday, oil prices rebounded after Algeria's energy minister told yesterday that all options were possible for a crude output cut or freeze at this week's informal gathering of OPEC producers.
It arose after prices slumped 4% on Friday amid clear signs that Iran and Saudi Arabia were making little progress in reaching preliminary agreement to freeze output.
Brent crude futures soared 39 cents, hitting $46.28 per barrel, having settled down 3.7% at the previous close. The previous week the benchmark ascended 0.3%.
Members of the Organization of the Petroleum Exporting Countries are going to meet in Algeria on the sidelines of the International Energy Forum from September 26-28, where they are expected to discuss a probable output-limiting deal.
Algerian energy minister Noureddine Bouterfa is assured that they won’t come out of the gathering empty-handed. It disclosed it on Sunday.
A weaker greenback also backed crude prices.