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6 years ago

Oil prices gain ahead of producer meeting

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Oil prices gained on Monday after a steep fall the session before, buoyed by expectations that a joint OPEC and non-OPEC meeting later in the day may address rising output in Nigeria and Libya.

Ministers from the OPEC and other non-OPEC producers gather in the Russian city of St Petersburg on Monday to discuss the pact to curb output by 1.8 million bpd through the end of March 2018.

The committee may recommend a conditional cap on Nigerian and Libyan oil production, sources familiar with the talks said.

Russian Energy Minister Alexander Novak said Libya and Nigeria should cap output when their output stabilises, the Financial Times reported.

London Brent crude for September delivery was up 24 cents at $48.30 a barrel by 0316 GMT on Monday. 

The contract settled down $1.24, or 2.5 per cent, on Friday after a consultancy forecast a rise in OPEC production for July despite the pledge to rein in output.

NYMEX crude for September delivery was up 17 cents at $45.94, reports Reuters.

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