World oil price fluctuates ahead of producers' meeting

The U.S. benchmark, West Texas Intermediate (WTI) crude for October delivery, added 0.14 U.S. dollars to settle at 43.44 U.S. dollars a barrel on the New York Mercantile Exchange. Meanwhile, the European benchmark, Brent North Sea crude for November delivery, decreased 0.13 U.S. dollars to close at 45.88 U.S. dollars a barrel on the London ICE Futures Exchange. U.S. oil prices got some support after Algerian Energy Minister Noureddine Bouterfa said Tuesday that instead of informal talks, OPEC will likely hold a formal meeting as it and other major oil producers are moving toward an agreement to cut crude production by one million barrels per day to rebalance the market. In addition, Venezuelan President Nicolas Maduro said Sunday that OPEC and non-OPEC countries were close to reaching an agreement to stabilize the oil market. OPEC members and Russia are set to meet in Algiers from Sept. 26 to 28 to discuss ways to stabilize the market.In the meantime, traders are also looking ahead to the release of U.S. oil inventory data. The U.S. Department of Energy will release the stockpile figures on Wednesday. `A significant increase in U.S. stocks is predicted by many analysts -- of more than two million barrels -- which would indicate that global oversupply was ongoing,` said analyst Bill Hodder at brokerage firm Love Energy, as quoted by Xinhua. (UU.A026)
Editor: Ruslan Burhani
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