Crude Oil prices have been cut on Monday after Algeria's energy minister alleged that all the options are open at OPEC meeting.
On Friday, around 4 % of the price has been cut from the normal price. This step has been taken by Saudi Arabia and Iran to freeze the production.
From 26-28 Sept, the meeting will be held by Members of the Organization of the Petroleum Exporting Countries in Algeria. In the meeting, they will talk about a possible output-limiting deal.
"We will not come out of the meeting empty-handed," Algerian energy minister Noureddine Bouterfa said.
“Oil market is still weak and will remain volatile in the near future, Amin Nasser, Saudi Aramco chief executive”, told a conference in Dubai.
The price of Brent crude has raised from 37 cents to $46.26 a barrel as of 0631 GMT after settling down $1.76, or 3.7 percent, at the previous close. The benchmark advanced 0.3 percent last week.
While the price of U.S. West Texas Intermediate (WTI) crude oil rose from 32 cents to $44.80 a barrel after falling $1.84, or 4 percent, in the previous session. U.S. crude gained 3 percent last week.
"The fact countries like Algeria are still talking about a deal means it's still on the table regardless of others' views about what might be happening," said Jonathan Barratt, chief investment officer
"I expect Algeria and Venezuela to keep pushing for a deal – it's imperative for them to keep the price up," Barratt said.
Signals have been blended so far on whether an arrangement on cutting or solidifying creation is conceivable.
Sources told Reuters on Friday that Saudi Arabia did not anticipate that a choice will be made in Algeria, while Saudi Arabia had likewise offered to decrease creation if Iran tops its own yield this year, an offer to which Tehran had yet to react.
"Our base case is that OPEC will meet on Sept. 28 without a formal articulation. A nonbinding responsibility to balance out oil markets is conceivable, yet it would likely need teeth," Morgan Stanley said in a note on Monday.
"Or maybe, we anticipate that OPEC will take note of how this meeting establishes the framework for a more valuable and formal talk at the official November OPEC meeting," the bank included.