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Oil rebounds 1% ahead of OPEC talks

Published 2016-09-26, 07:56 a/m
Updated 2016-09-26, 07:56 a/m

Investing.com - Oil Monday recovered from heavy losses Friday as the market continued to weigh up the chances of an accord to curb output.
U.S. crude was up 48 cents, or 1.08%, at $44.96 at 07:15 ET, while Brent crude added 1.33% to $47.10.
OPEC members and Russia are due to hold informal talks this week in Algeria.
Algerian oil minister Noureddine Bouterfa said Sunday: "We will not come out of the meeting empty-handed."
Saudi Arabia has reportedly offered to cut its output if Iran freezes its production.
Iran has yet to respond to that offer and the chances of an agreement this week seem minimal.
Baker Hughes data Friday showed a rise of two oil rigs operating in the U.S. to 418.
The U.S. oil rig count has now risen for 12 out of the past 13 weeks.
The dollar index was lower. A weaker dollar underpins demand for oil

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