Oil is poised for the biggest monthly advance since April amid speculation informal talks among Opec members in Algeria next month may result in action to stabilise the market.
Futures slid 0.3 per cent in New York, trimming the monthly gain to 11 per cent. Iraq would support a proposal for the Organization of Petroleum Exporting Countries and other major producers to freeze output, Prime Minister Haidar Al-Abadi said in Baghdad.
US crude stockpiles increased by 942,000 barrels last week, the industry-funded American Petroleum Institute was said to report. Government data due Wednesday is forecast to show a 1.3 million build.
Oil entered a bull market Aug 18, less than three weeks after tumbling into a bear market. A cap on production would be positive for the market, Saudi Arabia's Energy Minister Khalid Al-Falih said in an interview last week, while ruling out a cut to output. A deal to freeze supply was proposed in February but a meeting in April ended with no final accord.
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Futures slid 0.3 per cent in New York, trimming the monthly gain to 11 per cent. Iraq would support a proposal for the Organization of Petroleum Exporting Countries and other major producers to freeze output, Prime Minister Haidar Al-Abadi said in Baghdad.
US crude stockpiles increased by 942,000 barrels last week, the industry-funded American Petroleum Institute was said to report. Government data due Wednesday is forecast to show a 1.3 million build.
Oil entered a bull market Aug 18, less than three weeks after tumbling into a bear market. A cap on production would be positive for the market, Saudi Arabia's Energy Minister Khalid Al-Falih said in an interview last week, while ruling out a cut to output. A deal to freeze supply was proposed in February but a meeting in April ended with no final accord.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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