Oil prices climbed 3 percent on Tuesday, recovering from three-session losses on speculation that members of the Organization of the Petroleum Exporting Countries are working the details of a cutting oil supplies deal.

Crude oil prices were up when OPEC declared that there was initial talks about a deal to curb production but that didn’t last long as some countries stated they won’t freeze their output and they should be exempt from such a deal like Iran, which made oil prices slip again.

Oil producers of the OPEC will meet later this month in a hope to reach an agreement to put a limitation on oil supplies.

On Tuesday, oil prices snapped back from a weeks-long low.

North Sea Brent crude oil was up $1.50 per barrel at $45.93 after touching a 3-month low of $43.57 on Monday.
U.S. Light crude was up $1.50 per barrel at $44.82. It also reached a 3-month low of $42.20 on Monday.
Saudi Arabia’s energy minister stated that it’s crucial that OPEC reach unanimity on the deal to cut back production.
Chairperson of Russia’s Central Bank Elvira Nabiullina said on Monday, the possibility of another collapse on oil prices is not likely to happen again, thought recovery won’t necessarily be above current rates.
“We are considering several Scenarios of economic development, our base scenario includes $40 per barrel in the next three years,” she said.
After global oil prices reached $115 a barrel in mid-summer 2014, they are trading now in the mid-$40s range.
In response, Russia – the world’s largest oil producer – has ramped up oil production to post-Soviet high of 11 million barrels per day.
The country’s historic huge oil output was matched by Saudi Arabia – the world’s largest oil exporter and second largest oil producer, which also increased oil production to record highs in July.
The remarkably high oil production are largely the cause of the more than 2-year oil prices distress, which can be called the worst oil market crash on a generation.
Libya’s oil production also has almost doubled to around 600,000 barrels per day in recent weeks.
Bouncing back from almost a 2-month low in the previous trading session, U.S. crude futures for December delivery jumped 90 cents to $44.22 a barrel.
Brent Futures were up 71 cents to $15.14 a barrel.

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