World oil prices jumped over Saudi minister comments

Oil prices jumped sharply after Saudi Arabian Energy Minister Khalid al-Falih said producers could take action to help balance the global oil market.

The comments pushed prices up by more than four percent in New York. US benchmark West Texas Intermediate (WTI) crude for September delivery added $1.78 to settle at $43.49 a barrel on the New York Mercantile Exchange, after losing more than a dollar the previous day.

Brent crude for October delivery meanwhile gained $1.99 to close at $46.04 a barrel on Londons ICE Futures Exchange.

Khalid said members of the Organization of the Petroleum Exporting Countries (OPEC) and non-members will discuss the market situation, including possible action needed to stabilize prices, at an informal meeting September 26-28 in Algeria.

Earlier this week, OPEC said in a statement that the members of the group are "in discussions regarding ways and means to help restore stability and order to the oil market."

"The economies of major oil consuming countries are expected to improve which would in turn increase the demand for oil in the coming quarters... oil prices are likely to improve in the latter part of 2016," Mohammed bin Saleh Al-Sada, Qatars minister of energy and industry and current president of the group, said in the statement. (A026)