24 September, 2016
Market analysts' expected a crude-stock increase of 3.35 million barrels, while the American Petroleum Institute late Tuesday reported a supply draw of a whopping 7.5 million barrels.
Barkindo has said the group is not seeking a definite price range for oil but stability for the market.
US West Texas Intermediate (WTI) crude futures were up 1.93 per cent, or 85 cents, at US$44.90 (RM186) a barrel at 0644 GMT (2.44am EDT). According to the API, inventory data showed a substantial draw of 7.5 million barrels of crude during the week-ended September 16.
Oil climbed near $45 a barrel after Algeria said OPEC may turn its informal talks next week into a formal session and as weekly industry data showed USA crude inventories declined. A "definitive answer" for market stability could come this month, state oil company Petroleos de Venezuela SA wrote on Twitter, citing Maduro. OPEC's 14 members are pumping more than 33 million barrels a day, and inventories will grow even more if no action is taken, Bouterfa said. Meanwhile, the secretary-general of OPEC said on Tuesday a possible deal to support oil prices by the world's leading producer countries may last for one year, longer than other officials have indicated.
He made his comments in Algiers after meeting with the country's energy minister, Nourredine Boutarfa, it said.
Playwright Edward Albee dies at the age of 88
The acclaimed author and Pulitzer victor died on Friday at his home in Montauk, on New York's Long Island. Albee's assistant was quoted as saying by BBC that he died on Friday at his home on Long Island near NY .
ASEAN Summit: US President Barack Obama Urges China To Recognize Arbitration's Ruling
Officials said that talks on Wednesday between ASEAN leaders and China's Li had gone smoothly. (Philippine Government via AP). China claims almost all of the South China Sea , through which $5 trillion in shipping trade passes each year.
M J Akbar lambast Nawaz Sharif's speech at United Nations as "rising immaturity"
It involves the various branches of India's military conducting offensive operations as part of unified battle groups. The Prime Minister is scheduled to meet President of Iran Hassan Rouhani and UN Secretary General Ban Ki-moon.
"The informal gathering was proposed as a move to having an extraordinary meeting with the aim of taking decisions to stabilise the market", he said. "Political tensions will prevent cohesion, and individual members will continue to protect market share from resilient non-OPEC producers", BMI Research said in a note to clients.
US gasoline futures tumbled 4 per cent after Colonial Pipeline Co said it expects to restart its main 1.3 million barrel per day gasoline line on Wednesday after being shut for more than a week to fix the biggest leak in almost two decades.
"We are still very well supplied for this time of year", Tariq Zahir, trader in crude oil spreads at Tyche Capital Advisors in NY, said referring to total USA crude stocks that stood record seasonal peaks of almost 505 million barrels.
OPEC Secretary-General Mohammed Barkindo has damped expectations ahead of the September 28 meeting, saying the talks are for consultation rather than decision making.