Brent crude oil prices topped $49/bbl on the London market on Aug. 16, marking the highest front-month settlement since July 4. US light, sweet crude oil price for September delivery settled above $46/bbl on the New York market on Aug. 16.
Both the US and London benchmark crude oil contracts have rallied for four consecutive sessions on talk that major oil producers are contemplating whether to cooperate and freeze oil production.
But light, sweet crude oil prices fell in early New York trading Aug. 17 pending release of a weekly US government report on oil and product inventories.
Russia officials plan to meet with representatives from the Organization of Petroleum Exporting Countries in October although an exact date has yet to be arranged, the Wall Street Journal reported Aug. 16.
Previously, Russian Energy Minister Alexander Novak said Russia was consulting with Saudi Arabia and other producers to stabilize oil prices.
The NYMEX crude oil contract for September jumped 84¢ to $46.58/bbl on Aug. 16, the front-month’s highest closing price since July 12. The October contract climbed 82¢ to close at $47.22/bbl.
The natural gas contract for September rose by 2.7¢ to a rounded $2.62/MMbtu. On the spot market, the Henry Hub gas price remained unchanged at $2.71/MMbtu.
Heating oil for September gained 1¢ to a rounded $1.46/gal. The price for reformulated gasoline stock for oxygenates blending for September rose 2¢ to a rounded $1.42/gal.
The Brent crude contract for October on London’s ICE rose 88¢ to $49.23/bbl. The contract for November was up 87¢ to $49.48/bbl. The September gas oil contract settled at $428.75/tonne on Aug. 16, up $6.26.
The average price for OPEC’s basket of 12 benchmark crudes was $45.03/bbl on Aug. 16, up $1.11.
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