Oil rises after the Algiers Declaration that all options are on the table during the OPEC meeting

The number of visits: 2277 Published on: 26/9/2016, 08:36

Baghdad / Karbala News:

Crude oil prices rose on Monday, after Algeria's energy minister, said that all options are on the table to reduce or freeze oil production at an informal meeting of OPEC this week.

This came after oil prices fell four percent on Friday amid signs of a lack of Saudi Arabia and Iran have made little progress in reaching an agreement in principle to freeze production.

OPEC members will meet on the sidelines of the International Energy Forum in Algeria during the period from 26 to 28 September where they discuss a possible agreement to limit production.

Said Algerian Energy Minister Noureddine Bouterfa in Algeria on Sunday, "we will not come out of the meeting empty-handed."

The futures contract rose WTI prices of Intermediate 42 cents to $ 44.90 a barrel by 0914 GMT, after falling to $ 1.84, or four per cent in the previous session.

The US crude rose three percent last week.

Futures contracts for Brent prices rose 42 cents to $ 46.31 after falling to $ 1.76, or 3.7 per cent at the previous close, Brent 0.3 per cent last week.