Oil prices rise on Saudi optimism over OPEC deal

Oil prices rose on Thursday as expectations of an OPEC deal to limit production outweighed growing evidence of global oversupply and rising inventories, particularly in the United States. Saudi Energy Minister Khalid al-Falih said on Thursday he was optimistic OPEC would formalize a preliminary oil output deal reached in Algeria in September. Brent crude oil was up 60 cents at …

Oil stocks drop as Doha deal falls apart

Talks between 18 oil exporting nations in the Qatari capital of Doha to stabilize oil prices fell apart due to conflict between Saudi Arabia and Iran. The Saudis insisted that Iran participate, however Iran has said it will not agree to reduce production levels until it reaches pre-sanction levels of output. German-based Commerzbank said in a statement, “Saudi Arabia intentionally …