Oil falls on US crude stock rise

Posted September 24, 2016

World oil prices resumed positive dynamics and jumped nearly 2 percent on September 21, supported by a surprisingly sharp drop in US crude reserves and strike of oil industry workers in Norway.

On the New York Mercantile Exchange, West Texas Intermediate futures were trading up 2% at $44.91 a barrel. In London, Brent North Sea crude for delivery in November won 22 cents to reach US$45.95 a barrel.

The latest American Petroleum Institute (API) inventories data recorded a substantial draw of 7.5mn barrels in the latest week compared with an expected build of over 2.0mn. A "definitive answer" for market stability could come this month, state oil company Petroleos de Venezuela SA wrote on Twitter, citing Maduro.

Despite the upcoming talks in the Algerian capital, OPEC's biggest exporters such as Saudi Arabia, Iran, Iraq, Nigeria and Libya have all raised or been trying to hike output in recent months. Instead, most believe that oil producers will continue to monitor the market and possibly postpone freeze talks to the official OPEC meeting in Vienna on November 30. The oil complex will also be supported if the central banks create a "risk-on" situation and demand for risky assets like stocks increases.

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Oil traders continued to weigh prospects that major oil producing nations will freeze output to support the market when they meet next week.

USA crude rose 0.7% to $43.35 a barrel after sharp declines last week.

OPEC and non-member producers including Russian Federation are discussing a deal to stabilise the market by at least freezing output, although key details such as the timing and baseline for any deal have yet to emerge.

"The informal gathering was proposed as a move to having an extraordinary meeting with the aim of taking decisions to stabilise the market", he said.

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November futures rose by as much as 2.5 percent in NY.

OPEC's informal meeting, to be held on 27 September in Algiers will be a "meeting of consultation and not of decision-making", affirmed Saturday the organization's Secretary General Muhammed Sanusi Barkindo, on a visit to Algiers, APS reported on Sunday.

Late on Monday, Venezuelan President Nicolas Maduro said that OPEC and non-OPEC countries had nearly reached a deal to stabilize oil markets and prices, adding that he expected the deal to be announced before the end of the month.

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