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Fluctuating Movements of Oil Crude

Jakarta (Benchmark News) – Oil prices ended slightly higher on Wednesday (09/07/2016) after the session fluctuating. Investors consider the prospect of higher inventory of the possibility of freezing production agreement.

US benchmark crude West Texas Intermediate (WTI) for October delivery added 0.67 dollars to settle at 45.50 dollars a barrel on the New York Mercantile Exchange.

Meanwhile, the European benchmark, Brent North Sea crude for November delivery rose 0.72 dollars to close at 47.98 dollars a barrel on London’s ICE Futures Exchange.

Brent oil prices rose to a one-week high on Monday (5/9) after Russia and Saudi Arabia have agreed to cooperate in stabilizing the oil market.

Organization of Petroleum Exporting Countries (OPEC) and non-OPEC producers such as Russia are expected to discuss the freezing of production in informal talks in Algeria on 26 to 28 September Brent oil prices declined on Tuesday (6/9) after Saudi Energy Minister Khalid Al-Falih said there is currently no need to limit oil production.

“There is no need now to freeze the production,” Al-Falih said in an interview on Monday in Hangzhou, China.

“This is one option that is preferred, but not necessary today. The market improved from day to day,” he said.

Analysts said investors are trying to establish a balance for the supply of relatively high international against the prospect that members of OPEC and non-OPEC may reach an agreement that will support the market.

A slight increase in oil prices on Wednesday also helped by a weaker US dollar, analysts said, but remained in their recent range, with the market focused on OPEC meeting on production later this month.

The US dollar weakened on Tuesday as a report to the loosening of service sector activity in the US economy last month, shocking slowdown that reduced expectations of interest rate hikes by the Federal Reserve this month.

A weak greenback makes dollar-denominated crude cheaper for users of other currencies. (Red)

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