OPEC officials held talks with Russia and other non-cartel members Saturday in Vienna to debate how to implement a plan aimed at cutting oil output to reduce a global supply glut and bolster prices.
Oil extended losses in Asia Tuesday as a stronger US dollar and progress in controlling wildfires in Canada's crude-producing Alberta province dampened prices.
Crude prices extended gains in Asia Monday as raging wildfires hit production in Canada, while traders digested news that Saudi Arabia had replaced its oil minister.
Crude prices fell in Asia Monday following a report saying Saudi Arabia could maintain its total production capacity with the expansion of an oilfield, fuelling fresh concerns about the global supply glut.
Noble Group Chief Executive Officer Yusuf Alireza said that commodities markets to remain difficult
Oil prices extended their gains in Asia Thursday after key producers agreed to meet next month to discuss limiting output and stabilise a long-running price decline.
OPEC members and key oil producers from outside the cartel will meet on April 17 in Doha in a bid to stabilise falling crude prices, Qatari energy minister Mohammed al-Sada said Wednesday.
Oil prices dipped in Asia Tuesday after mounting a strong rally the day before as traders remain doubtful that talks on an output freeze among key crude producers will lead to agreement.
