Doubt on the chances of any policy decision during the energy meeting on Algeria were cast as Saudi Arabia's Energy Minister Khalid al-Falih said on Tuesday that talks among OPEC and non-OPEC oil producers in Algiers this week are consultative.
He also said he was optimistic about the oil market.
"We are optimistic about the fundamentals. The market is trending in the right direction, slower than what we had hoped for a few months ago but the fundamentals are moving in the right direction. From that aspect we are feeling good about the market and I think the rebalancing is here but taking slower than what we had hoped," Falih told reporters.
In Algeria from Sept. 26-28 a International Energy Forum, which groups producers and consumers is scheduled to be held and members of the Organization of the Petroleum Exporting Countries will meet on the sidelines. Non-OPEC producer Russia is also attending.
"This is a consultative meeting, as said by many of my colleagues. We will consult with everyone else, we will hear the views, we will hear the secretariat of OPEC and also hear from consumers today," Falih said.
Michael McCarthy, chief market strategist at Sydney's CMC Markets said that the markets remained skeptical that producers would reach a deal.
"The dominant news for investors is U.S. inventory data unless we see something surprising out of Algiers," he said.
McCarthy said that investors were generally profit-taking as shown by the reversal in oil prices during the Asian time zone on Tuesday.
"With the market still unconvinced an agreement will be reached, any signs that OPEC will cap output could see prices surge higher," said ANZ in a market report on Tuesday
Meanwhile , as investors took profits after prices climbed more than 3 percent in the previous session, crude futures slipped in Asian trade on Tuesday.
Suggesting markets were judging Democrat Hillary Clinton as the winner in the first U.S. presidential debate with Republican candidate Donald Trump, the dollar was also weighing on oil prices after rising against a basket of currencies. Commodities like crude that trade on a dollar basis are made more expensive for consumers that pay in other currencies by a stronger greenback.
Amid concerns of a global oversupply, prices were also pressured by expectations of a build in U.S. crude stockpiles last week, found a Reuters poll.
After closing up $1.46, or 3.2 percent in the previous session, Brent crude futures slipped 27 cents to $47.08 a barrel as of 0639 GMT. After rising $1.45, or 3.3 percent, in the previous session, U.S. West Texas Intermediate (WTI) crude fell 13 cents to $45.80 a barrel.
A Reuters poll of seven analysts showed that three weeks of unexpected drawdowns were reversed by U.S. commercial crude oil stocks which likely rose by an average of 2.8 million barrels to 507.4 million barrels in the week to Sept. 23.
(Source:www.reuters.com)
He also said he was optimistic about the oil market.
"We are optimistic about the fundamentals. The market is trending in the right direction, slower than what we had hoped for a few months ago but the fundamentals are moving in the right direction. From that aspect we are feeling good about the market and I think the rebalancing is here but taking slower than what we had hoped," Falih told reporters.
In Algeria from Sept. 26-28 a International Energy Forum, which groups producers and consumers is scheduled to be held and members of the Organization of the Petroleum Exporting Countries will meet on the sidelines. Non-OPEC producer Russia is also attending.
"This is a consultative meeting, as said by many of my colleagues. We will consult with everyone else, we will hear the views, we will hear the secretariat of OPEC and also hear from consumers today," Falih said.
Michael McCarthy, chief market strategist at Sydney's CMC Markets said that the markets remained skeptical that producers would reach a deal.
"The dominant news for investors is U.S. inventory data unless we see something surprising out of Algiers," he said.
McCarthy said that investors were generally profit-taking as shown by the reversal in oil prices during the Asian time zone on Tuesday.
"With the market still unconvinced an agreement will be reached, any signs that OPEC will cap output could see prices surge higher," said ANZ in a market report on Tuesday
Meanwhile , as investors took profits after prices climbed more than 3 percent in the previous session, crude futures slipped in Asian trade on Tuesday.
Suggesting markets were judging Democrat Hillary Clinton as the winner in the first U.S. presidential debate with Republican candidate Donald Trump, the dollar was also weighing on oil prices after rising against a basket of currencies. Commodities like crude that trade on a dollar basis are made more expensive for consumers that pay in other currencies by a stronger greenback.
Amid concerns of a global oversupply, prices were also pressured by expectations of a build in U.S. crude stockpiles last week, found a Reuters poll.
After closing up $1.46, or 3.2 percent in the previous session, Brent crude futures slipped 27 cents to $47.08 a barrel as of 0639 GMT. After rising $1.45, or 3.3 percent, in the previous session, U.S. West Texas Intermediate (WTI) crude fell 13 cents to $45.80 a barrel.
A Reuters poll of seven analysts showed that three weeks of unexpected drawdowns were reversed by U.S. commercial crude oil stocks which likely rose by an average of 2.8 million barrels to 507.4 million barrels in the week to Sept. 23.
(Source:www.reuters.com)
