Oil Caps Weekly Gain After OPEC Holds Informal Talks With Russia
- Algeria says it’s confident of a deal after OPEC-Russia talks
- U.S. drillers add 19 oil rigs, most in 16 months: Baker Hughes
OPEC Claims Oil Deal Progress, Iraq and Iran Pending
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Oil caped the first weekly gain since mid-October after OPEC member Algeria said the group’s meeting with Russia gave it confidence a deal can be reached to re-balance global markets.
Futures rose 0.6 percent in New York. Algerian Energy Minister Noureddine Boutarfa said he’s more optimistic of clinching an agreement after discussions between the Organization of Petroleum Exporting Countries and Russia in Doha. Russian Energy Minister Alexander Novak said a consensus is emerging and that his country is considering an output freeze of six months. Prices fell earlier as the dollar rallied and U.S. explorers added the most oil rigs in 16 months.