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LONDON: Oil prices jumped around 3.0 percent in value Monday as the dollar weakened before a meeting of crude producing nations in Algeria to discuss a stubborn supply glut.
Against a backdrop of depressed prices despite Monday’s rally, members of the Organization of the Petroleum Exporting Countries are meeting this week with key non-OPEC producer Russia on the sidelines of the International Energy Forum in Algiers.
Pre-forum talks last week between �������� and Iran resulted in neither willing to commit to trimming overproduction, sending prices plunging more than 3.0 percent on Friday.
Around 1615 GMT on Monday, Brent North Sea crude for delivery in November was up $1.47 at $47.36 a barrel.
US benchmark West Texas Intermediate for November rallied $1.37 to $45.85 compared with Friday’s close.
Oil prices have been hammered by a lingering supply glut since late 2014, sending them to near 13-year lows below $30 in January.
While the market has recovered, crude futures are still weak, the head of Gulf giant Saudi Aramco said on Monday, warning that market volatility could persist in the near future.
“While the oil market has recovered from its most severe period, it’s still weak,” Saudi Aramco CEO Amin Nasser said at an energy conference in Dubai.
Algeria’s energy minister on Sunday said “the best solution” in Algiers would be for an agreement on maintaining current output levels.