TOKYO (Sept 12): Oil prices extended declines on Monday amid projections that U.S. data is set to show a big rebound in crude inventories to offset an unexpected slump due to the impact of a tropical storm. NYMEX crude for October delivery was down 60 cents, or 1.3 percent, at $45.28 a barrel, after closing down 3.7 percent on Friday. Algeria's energy minister said there is a consensus among OPEC and non-OPEC members about the need to stabilise the oil market to support prices, state news agency APS reported on Saturday. OPEC Secretary-General Mohammed Barkindo told APS that OPEC was not seeking a definite price range for oil but rather "sustainable stability" for the market. U.S. drillers added oil rigs for a 10th week in the past 11, according to the closely followed Baker Hughes rig count report on Friday.

Source: The Edge Markets September 11, 2016 23:03 UTC