The oil prices recovered slightly, helped by renewed strength in the U.S. gasoline market. International benchmark Brent crude futures for September delivery settled 21 cents higher in London at $27.36 a barrel and U.S. light crude gained 16 cents to $28.20.
“A bit of stability has come back to the market. I think given the market's acceptance that the Saudis are supplying a little more extra crude on top of agreed OPEC additions, we have seen the revaluation of Brent that OPEC was hoping for,"said Tony Machacek of brokers Prudential Bache, quoted in the Iran Daily.
According to the newspaper Kuwait is now pushing Opec to issue a directive to all member states that the organization’s price band mechanism was not operative.
AlBawaba – MEBG.
© 2000 Mena Report (www.menareport.com)
