Oil prices increased on Monday as investors raised expectation for a market support deal from OPEC (Organization of the Petroleum Exporting Countries).
Oil prices were supported as Venezuela’s President Nicolas Maduro said on Sunday that OPEC and non-OPEC countries were close to reaching a deal to stabilize oil markets.
Venezuela’s Oil Minister Eulogio Del Pino said on Monday that global oil supply needs to decrease by a tenth to match consumption.
OPEC members and Russia are scheduled to meet on the sidelines of the International Energy Forum in Algeria from Sept. 26 to 28.
Oil prices were also bolstered as a weaker US dollar lifted investor sentiment, which made the dollar-dominated oil more attractive for holders of other currencies.
The dollar index, which measures the greenback against six major currencies, was down 0.26 percent at 95.859 in late trading on Friday.
The West Texas Intermediate for October delivery added 0.27 US dollars to settle at 43.30 US dollars a barrel on the New York Mercantile Exchange, while Brent crude for November delivery gained 0.18 US dollars to close at 45.95 US dollars a barrel on the London ICE Futures Exchange.