OPEC Talks of Stability, Prompts Bull Market

Talks from the Organization of Petroleum Exporting Countries (OPEC) about freezing the oil market has helped increase oil close to $50 a barrel, launching West Texas Intermediate from a bear to a bull market in less than three weeks, according to Fuel Fix.

Former OPEC minister Chakib Khelil said OPEC is expected to agree to a production freeze as its members are “pumping flat-out,” a motion that may lead to a stable market.

OPEC plans to talk about the market at the International Energy Forum in Algiers next month.

A decline in crude and gasoline stockpiles in the U.S. also helped boost the market last week as crude supplies dropped by 2.51 million barrels as of August 12, and gasoline inventories dropped 2.72 million barrels during the period, according to Energy Information Administration data.

Source:
Fuel Fix