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Oil recovers underpinned by ongoing output freeze talk

Published 09/07/2016, 07:51 AM
Updated 09/07/2016, 07:51 AM


Investing.com - Oil recovered Wednesday as investors continued to weigh the chances of an accord to freeze output.
U.S. crude was up 47 cents, or 1.05%, at $45.30 at 07:15 ET. Brent crude added 1.16% to $47.81.
Iranian Oil Minister Bijan Zanganeh said Tuesday he would back moves to stabilize crude prices.
Major producers are due to hold informal talks later this month in Algeria.
American Petroleum Institute stockpile data are due out later in the session.
Official Energy Information Administration (EIS) figures are scheduled for release on Thursday.
The EIA is forecast to report a fall of 83,000 barrels in U.S. crude stocks in the latest week.

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