Oil traded near $46 a barrel after the biggest three-day gain since April as Nigeria’s oil minister signaled the prospect of production cuts from Opec was unlikely. Prices gained 9.7 percent the previous three sessions following comments by Saudi Arabia’s energy minister that it’s prepared to discuss stabilizing the market. Oil has gained about 16 percent since closing below $40 a barrel and tumbling into a bear market earlier this month. Brent for October settlement was 11 cents higher at $48.46 a barrel on the London-based ICE Futures Europe exchange. Russian Energy Minister Alexander Novak told Arabic-language newspaper Asharq Al-Awsat that the nation was open to cooperating to stabilize markets after Saudi Arabian Energy Minister Khalid Al-Falih said that talks in Algiers may result in action.

Source: The Standard August 16, 2016 08:48 UTC