Oil edges higher ahead of OPEC meeting

Singapore—Oil prices rose modestly in Asia on Monday ahead of a producers’ meeting this week that might agree to cap supplies. But analysts warned the wellspring of optimism should be tempered by experience of two years of gluts and disagreement among members of the Organization of Petroleum Exporting Countries (OPEC).
OPEC and Russia are slated to begin meeting later Monday on the sidelines of the International Energy Forum in Algiers, looking for ways to stabilise prices that have been depressed since 2014.
Pre-forum talks last week between OPEC kingpin Saudi Arabia and member Iran were bleak, with neither willing to commit to freezing production, sending prices plunging more than 3.0 percent on Friday. However, both major contracts rebounded on Monday after Algeria’s energy minister said all options were still on the table, said OANDA market analyst Jeffrey Halley.
“With OPEC meeting on the sidelines of International Energy Forum for the next three days, and with the first (US) presidential debate happening tomorrow morning Asia time, expect oil to move on comments that range from hope to reality,” he said.—AFP

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