Oil looking northwars on hopes OPEC may stabilize market

Oil prices ticked higher on both sides of the Atlantic in Asia and are heading towards biggest weekly gain since April on hopes the OPEC would announce market stabilization measures at emergency meeting in September.

At the time of writing, WTI oil futures were up 30 cents or 0.70% at $43.78/barrel. Brent futures were up 20 cents at $43.25/barrel. Brent oil is within a touching distance from 50-DMA hurdle of $47.35.

Prices surged 4.3% on Thursday after Saudi Arabia’s Energy Minister Khalid Al-Falih said talks in September may include possible action to stabilize markets.

Furthermore, the International energy Agency (IEA) assured markets that oil markets are likely to rebalance this year.