The Organization of Petroleum Exporting Countries said in a joint statement with Russia price volatility and oversupply was damaging the market for crude oil. Russian Energy Minister Alexander Novak hosted OPEC Secretary-General Abdullah al-Badri to discuss short-term market tends and long-term prospects in the crude oil market. "It was stressed during the meeting that price volatility and the general oversupply in the oil market observed in recent quarters have been less conducive for market stability," both parties said in a joint statement. "Despite current uncertainties, signs of a more balanced market in 2016 may provide much desired stability to the oil market in the longer-term, a prerequisite for the continuity of timely and adequate investments."
Oil prices slipped on Thursday, although U.S. crude remained above $70 a barrel on the back of falling crude inventories and Brent was still close to $80 because of looming sanctions against Iran.
U.S. crude inventories C-STK-T-EIA fell 5.3 million barrels in the week to Sept. 7 to 396.2 million barrels, the lowest since February 2015 and about 3 percent below the five-year average for this time of year, the U.S. Energy Information Administration (EIA) said in its weekly report on Wednesday.
Gasoline stocks rose 1.3 million barrels, while distillate stockpiles, which include diesel and heating oil, climbed by 6.2 million barrels, the EIA data showed.
more detail at source: https://www.reuters.com/article/global-oil/oil-prices-dip-but-us-crude-remains-above-70-on-falling-inventories-idUSL3N1VZ03Y