New York (Benchmark News) – World oil prices rose on Monday(9/19/2016), as investors raised expectations for an agreement to support the market from OPEC (Organization of Petroleum Exporting Countries).
Oil prices found support as the President of Venezuela Nicolas Maduro said on Sunday that OPEC countries and non-OPEC almost reached an agreement to stabilize the oil market.
Venezuelan Oil Minister Eulogio Del Pino said on Monday that global oil supply needs to be lowered one-tenth to adjust to the level of consumption.
Member countries of OPEC and Russia are scheduled to meet on the sidelines of the International Energy Forum in Algeria that began onSeptember 26 to 28 September.
Oil prices were also supported due to the weak US dollar lifted investor sentiment, which makes oil priced in US dollar denomination more attractive for holders of other currencies.
The dollar index, which measures the greenback against six major currencies, fell 0.26 percent to 95.859 at the end of Monday’s trading.
US benchmark crude West Texas Intermediate (WTI) for October delivery added 0.27 dollars to settle at 43.30 dollars a barrel on the New York Mercantile Exchange.
Meanwhile, the European benchmark, Brent crude for November delivery rose 0.22 dollars to close at 45.95 dollars a barrel on London’s ICE Futures Exchange. (Red)