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Oil Settles Higher Ahead of Meeting Between OPEC & Russia

September 26, 2016 at 23:26 by Vladimir Vyun

Futures for crude oil climb to settle more than 3% above the opening level on Monday ahead of Tuesday’s meeting between Russian and members of the Organization of Petroleum Exporting Countries. They are going to discuss a framework for a potential deal about oil production freeze. There are hopes that an output cap should support prices.

While markets showed optimism, experts remained very skeptical about chances for a deal. Furthermore, the September’s meeting in Algiers is just unofficial preliminary talks ahead of the November’s really important OPEC gathering in Vienna. Indeed, Iranian Oil Minister Bijan Zanganeh warned against excessive optimism about this month’s meeting:

This is an advisory meeting and that’s all we should expect from it. The talks among OPEC members can be used for the OPEC summit in Vienna in November.

Futures for delivery of WTI crude oil in November traded at $45.68 per barrel as of 23:13 GMT on NYMEX today after settling $45.39 (3.3% above the open) at Monday’s session. Brent crude settled 3.2% higher at $47.35 per barrel on ICE.

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