Oil prices rise as Iran joins OPEC meet

Latest Update: August 26, 2016 | 258 Views

NEW YORK: Oil prices cautiously rose on Thursday as Iran said it would join talks on global output with other OPEC members and Russia, and the dollar fell slightly.

A barrel of West Texas Intermediate for October delivery finished up 56 cents over Wednesday, closing at $47.33 on the New York Mercantile Exchange.

In London, North Sea Brent for October delivery settled up 62 cents at $49.67 per barrel on the Intercontinental Exchange.

Investors in recent weeks have been cheered by reports that members of the Organization of the Petroleum Exporting Countries will discuss limiting production to gain control of the global supply glut at a meeting in .

Prices had fallen steadily through July on worries of oversupply, swollen inventories and weak demand.

Iranian oil minister Bijan Zanganeh confirmed Thursday that he will attend the informal OPEC meeting in Algeria joining non-member Russia, the ministry said.

Iran has struggled to raise production above four million barrels per day since the lifting of international sanctions earlier this year, and up until now has stood back from OPEC efforts to rein in production.

Bob Yawger of Mizuho Securities said the Iranian news help boost prices.

“That put a bit of support in the market,” he said.



Top of the Hour