Oil Set for Weekly Gain After OPEC’s Informal Talks With Russia

Futures were little changed in New York after a decline of 1.9 percent. 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.

“Positive OPEC rhetoric” is supporting prices, said Stephen Brennock, an analyst at PVM Oil Associates Ltd. “Behind the upbeat headlines, there still lies a distinct lack of unity within the organization. Iranian and Iraqi intransigence to the proposed output cuts remains in full force.”

West Texas Intermediate for December delivery was 11 cents higher at $45.53 a barrel on the New York Mercantile Exchange as of 12:11 p.m. London time, having earlier declined as much as 87 cents to $44.55 a barrel. Total volume traded was about 46 percent above the 100-day average. Prices are up 4.9 percent this week.

Brent for January settlement lost as much as 74 cents, or 1.6 percent, to $45.75 a barrel on the London-based ICE Futures Europe exchange. It traded for $46.61 at 12:12 p.m. local time. The global benchmark crude traded at a premium of 50 cents to WTI.
more at:  http://www.bloomberg.com/news/articles/2016-11-17/oil-extends-losses-as-dollar-rally-offsets-saudi-deal-optimism

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