Oil Futures Rally as OPEC Plans Informal Meeting to Stabilize Market

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Oil futures rebounded on Thursday as investors reacted positively to news reports that Saudi Arabia’s energy minister will take action to stabilize the market at an informal meeting next month, according to Bloomberg MarketWatch.

On the New York Mercantile Exchange, September West Texas Intermediate crude added $1.78, or 4.3%, to settle at $43.49 a barrel, marking its highest settlement since July 22.

On London’s ICE Futures Exchange, October Brent crude, the global benchmark, tacked on $1.99, or 4.5%, to end trading at $46.04 a barrel, marking its highest finish since July 21.

Meanwhile, the Wall Street Journal reported that Khalid al-Falih, Saudi Arabia’s energy minister, said the Saudis could discuss possible action to stabilize the market with OPEC members and other producers at an informal ministerial meeting next month in Algeria.

On the New York Mercantile Exchange, September natural gas futures fell by a penny, or 0.4%, to settle at $2.551 per million British thermal units.

 

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