Crude Oil Price Edges Higher Amid Producers Meeting

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Crude oil futures edged up on Monday after Russia said it was ready to meet other producers to discuss the situation in the global oil market, where prices have more than halved from last year’s highs due to a persistent supply glut.

A report showing a fifth weekly fall in the U.S. oil rig count also underpinned crude prices, although trading was thin with China away on holiday.

Brent rose 30 cents to $48.43 a barrel by 0420 GMT after it finished up 44 cents on Friday, while U.S. crude rose 32 cents to $45.86 a barrel after settling up 80 cents, buoyed by news that Russia was ready to meet OPEC, non-OPEC producers for consultations.

Russia, the world’s top oil producer, has been unwilling to cut output to support crude prices and last November it even refused to cooperate with the Organization of the Petroleum Exporting Countries (OPEC) in order to defend its market share.

Russian oil output reached a new post-Soviet monthly high of 10.74 million barrels per day in September.

But the country is now prepared to meet with OPEC and non-OPEC oil producers to discuss global oil markets if such a meeting is called, its energy minister said. He said a separate meeting between Russian and Saudi officials was being planned for the end of October.

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