Top Oil News Brief/Roundup As Reported to 16th August 2016
The price of OPEC basket of fourteen crudes stood at $43.92 a barrel on Monday, compared with $42.60 the previous Friday, according to OPEC Secretariat calculations.
Brent crude rose $1.08, or 2.3 percent, to $48.05 a barrel.
U.S. West Texas Intermediate (WTI) crude gained $1.06, or 2.4 percent, to $45.55, after rallying earlier to $45.61.
Members of the Organisation of the Petroleum Exporting Countries are reportedly set to meet on the sidelines of the International Energy Forum, in Algeria from September 26-28.
Shale drilling in the U.S. is on the rise again but, prices need to climb nearer to $60/bbl for Shale oil producers to have a “substantial” boost in activity, according to the International Energy Agency (IEA).
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