By: Mahmoud Gamal
Mubasher: Oil prices rose on Monday after Algeria's Energy Minister Nouredine Bouterfa said on Sunday he is confident OPEC members would stick to a deal made in Algiers in September to cut output.
Brent crude rose 0.94% or 43 cents to reach $46.01 per barrel (pb) by 4:00am GMT, while US futures grew 1.11% or 49 cents to reach $44.56 pb.
The High Level Committee of experts will meet again in Vienna on 25 November ahead of the next meeting of OPEC ministers on 30 November.
The Algerian minister’s statement pushed the oil prices higher after week of sharp falls, according to analyst Majid Al-Otaibi.
Investors should be cautious about the market movements ahead of US elections and uncertainty over OPEC deal, Al-Otaibi noted.
Translated by: Julian Nabil
