Oil Climbs as Iran Seen Taking Part in Informal OPEC Meeting
- Iran’s oil minister to attend producer talks in Algiers: Shana
- No ‘significant’ market intervention required: Saudi Minister
JPMorgan's Michele: Oil Can Settle in at $42, $43
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Oil increased after a report that Iran’s Oil Minister Bijan Namdar Zanganeh will participate in an informal meeting of OPEC members next month in Algiers.
Futures rose 1.2 percent in New York. Prices surged this month partly on speculation that informal talks among members of the Organization of Petroleum Exporting Countries and other producers may lead to action to stabilize the market. Saudi Arabian Energy Minister Khalid Al-Falih said he doesn’t "believe intervention of significance is required.” Oil fell Wednesday after government data showed that U.S. crude supplies climbed last week.