Oil Prices Rise after Algeria Says All Options Open at OPEC Meeting

Crude oil prices were higher on Monday, after the Algerian Energy Minister Noureddine Bouterfa said Sunday that all options are possible to reduce or freeze oil production at an informal meeting of OPEC this Wednesday.

    Algeria's energy minister said there would be an informal gathering of OPEC members on the sidelines of an energy conference in Algiers on Wednesday. An oil output cut or freeze would be on the agenda, he said.

    Brent crude futures LCOc1 had climbed 37 cents to $46.26 a barrel as of 0631 GMT after settling down $1.76, or 3.7%, at the previous close. The benchmark advanced 0.3% last week.

    US West Texas Intermediate (WTI) crude futures CLc1 rose 32 cents to $44.80 a barrel after falling $1.84, or 4%, in the previous session. US crude gained 3% last week. Although Wednesday's meeting is an informal gathering, Bouterfa did not rule out it becoming a formal event. 

    He said: "Either we reach an agreement, which would be good, or we reach an understanding on the elements of an agreement, and that would also be good. "Every state in the organisations agrees on the need to stabilize prices, it just remains for us to find a format that pleases everyone. The best solution would be a (production) freeze," he said.