SOLIDARITY WITH OPEC
BOE wrote, many nations are willing to join OPEC in cutting production to secure a continued improvement in oil prices, said Saudi Arabia's Minister of Energy and Industry Khalid Al-Falih.
Oil producing countries can secure a "healthy" price gain with a small percentage output cut, Al-Falih said at the Oil and Money conference in London Wednesday. Both the Organization of Petroleum Exporting Countries and producers outside the group are aiming for a deal by the end of November, he said.
Crude futures extended gains after the minister's comment, with West Texas Intermediate advancing 1.4 percent to $51 on the New York Mercantile exchange at 9:52 a.m. London time.
The Saudi Minister painted an upbeat view of the oil market, saying the industry was finally at the end of a considerable downturn. Although the recovery took longer than expected, U.S. crude inventories are declining and supply and demand clearly are coming back into balance, he said.
Oil has fluctuated near $50 a barrel amid uncertainty about whether OPEC will be able to implement an accord to reduce supply when they gather at an official meeting in November. A committee will meet later this month to try and resolve differences in the group over how much individual members should pump.
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