Oil consolidating after Saudi Arabia expectations of a common position of OPEC

Views 49 09/02/2016

Oil prices firmed on Thursday, after Saudi Arabia said that the Organization of Petroleum Exporting Countries (OPEC) is moving toward a common position on oil production, some investors believed it could boost prices.

Futures were recorded for crude International benchmark Brent crude for November delivery changed little to settle at $ 46.89 a barrel at 08:25 (GMT), after a closed low of $ 1.84 in the settlement Wednesday.

Futures rose for US crude five cents to $ 44.75 a barrel, having fallen to $ 1.65 in the previous session.

He said Saudi Foreign Minister Adel al-Jubeir, on Thursday, said that producers inside and outside OPEC are moving increasingly towards a common position.

Reuters quoted as saying Jubeir, during an event in the Japanese capital Tokyo: "I think there was a move towards (adopt) a common position, towards a joint effort."

It is expected that OPEC members will meet in Algeria on the sidelines of the International Energy Forum, during the period from 26 to 28 September, it is expected to seek to revive the agreement to install production.