New York: Oil prices increased as investors raised expectation for a market support deal from OPEC (Organization of the Petroleum Exporting Countries).
The West Texas Intermediate for October delivery on Monday added $0.27 to settle at $43.30 a barrel on the New York Mercantile Exchange, while Brent crude for November delivery gained $0.18 to close at $45.95 a barrel on the London ICE Futures Exchange, Xinhua news agency reported.
Oil prices were supported as Venezuela’s President Nicolas Maduro said on Sunday that OPEC and non-OPEC countries were close to reaching a deal to stabilise oil markets.
Venezuela’s Oil Minister Eulogio Del Pino said on Monday that global oil supply needs to decrease by a tenth to match consumption.
OPEC members and Russia are scheduled to meet on the sidelines of the International Energy Forum in Algeria from Sept. 26 to 28.
Oil prices were also bolstered as a weaker US dollar lifted investor sentiment, which made the dollar-dominated oil more attractive for holders of other currencies.
The dollar index, which measures the greenback against six major currencies, was down 0.26 per cent at 95.859 in late trading on Friday.