Oil halts rally as market weighs chance of output

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Members of the Organization of Petroleum Exporting Countries (OPEC) as well as non-members are scheduled to meet informally in Algeria in September,and Saudi Arabia’s oil minister Khalid al-Falih has hinted that discussions could include actions to stabilise prices . (Reuters)

Oil prices eased in Asia trade today but held above US $45 a barrel as the market weighed the possibility of major producersreaching an agreement to freeze output during a meeting next month.

Members of the Organization of Petroleum Exporting Countries (OPEC) as well as non-members are scheduled to meet informally in Algeria in September,and Saudi Arabia’s oil minister Khalid al-Falih has hinted that discussions could include actions to stabilise prices.

His remarks last week sparked a price rally as they were widely seen as a suggestion that OPEC could revive talks on trimming high output levels.

Prices continued their rise overnight after Russian Energy Minister Alexander Novak said his country was working with Saudi Arabia to achieve oil
market stability – hinting at a possible production freeze in cooperation with OPEC.

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