Oil prices hit five-week highs

16/08/2016 04:28 AST

Oil prices hit five-week highs on Monday, gaining about 10 percent in a three-day rally. Brent crude rose $1.08, or 2.3 percent, to $48.05 a barrel by 15:07 GMT, after rising to $48.10 earlier, its highest since July 7.

Brent has gained about 10 percent cumulatively in the past 3 sessions, its most in such a stretch since May. Since the start of August, it is up 12 percent. US West Texas Intermediate crude gained 2.4 percent, to $45.55.

Data from market intelligence firm Genscape estimating a draw of more than 350,000 barrels at the Cushing, Oklahoma delivery point for US crude futures last week added to the bullish sentiment, said traders who saw the data.

US West Texas Intermediate (WTI) crude gained $1.06, or 2.4 percent, to $45.55, after rallying earlier to $45.61, a peak since July 21. WTI has gained nearly 10 percent on the month.

Members of the Organization of the Petroleum Exporting Countries are to meet on the sidelines of the International Energy Forum, which groups producers and consumers, in Algeria from Sept. 26-28.

Russian Energy Minister Alexander Novak bolstered hopes on Monday that oil producing nations could take action to stabilize prices, telling a Saudi newspaper that his country was consulting with Saudi Arabia and other producers to achieve market stability.


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