OPEC may decide on extra meeting immediately after Algiers: Algeria

by Ben Pena September 24, 2016, 8:25

Oil prices edged lower on Tuesday on fears of saturation in USA crude oil stocks despite market hopes for an agreement between OPEC and non-OPEC countries on capping output.

Traders said that Brent was being supported by firm import data from Japan.

US West Texas Intermediate (WTI) crude futures were up 1.8 per cent, or 81 cents, at $44.86 a barrel at 0403 GMT. The October contract expired yesterday at $43.44 a barrel and the front-month rolled over to November delivery.

Crude oil inventories last week fell by 6.2 million barrels to 504.6 million barrels, the EIA reported, a day after the American Petroleum Institute estimated inventories had dropped by an unexpected 7.5 million barrels.

In the NY session, Canada wholesale sales data for July and US weekly crude oil inventories data are slated for release.

"OPEC members will not agree on a production freeze." .

Maduro said an agreement could be announced this month.

"Algeria has a proposal for participants in the Algiers meeting".

Saudi Arabia's oil exports rose in July as the kingdom pumped record high levels of crude, keeping the global market well supplied.

Mint worker smuggled $180K worth of gold in his rectum
He supposedly set off the metal detector more than other employees as a result of the extra metal he was, uh, carrying. The Crown alleges that Lawrence tried to leave the mint with stolen gold hidden up his rectum on several occasions.

Also, North Sea output became under threat as more than 300 Norwegian oil service workers went on strike after wage talks broke down.

A build in USA oil production from shale in part led to a fall from $100 per barrel in late 2014.

Algerian Oil Min said that OPEC producers may decide to hold an extraordinary meeting if a consensus is reached at the informal gathering at Algeria which concludes this on September 26-28.

Major crude producer states are due to meet in Algeria next week to discuss the global supply crisis and overproduction that has hammered prices for two years.

The US crude stockpiles probably increased by 3.25 million barrels last week, according to a Bloomberg survey before an Energy Information Administration report on Wednesday.

The rise in oil prices is a reaction to Venezuelan comments about producers reaching a possible output agreement, said Ric Spooner, CMC Markets' chief market analyst.

US gasoline futures rose 2 per cent after data showed stocks of the motor fuel fell 3.2 million barrels nationwide, compared with analysts' expectations for a 567,000-barrel drop. The oil complex will also be supported if the central banks create a "risk-on" situation and demand for risky assets like stocks increases.

OPEC will hold an informal meeting after the closing session of the International Energy Forum conference in Algiers on the afternoon of September 28, Bouterfa said on public radio.

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