Install

Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

Oil Prices Boosted By OPEC Talks




SINGAPORE -- Oil prices were spurred to an eight-week high Monday as OPEC heavyweights Saudi Arabia and Iran intensified talks aimed at reviving soggy world markets.


New York Mercantile Exchange April crude futures traded Monday at $13.51 per barrel, up 21 cents from New York's Friday close. Prices hit $13.60 earlier, the highest level since Jan. 11.


The rise followed a meeting Sunday in Riyadh between Saudi Arabia's oil minister, Ali al-Naimi, and his Iranian counterpart, Bijan Zanganeh.


"It was a good meeting in line with cooperation between the two sides," a Gulf source said.


However, there were not any tangible signs of a breakthrough on the key issue of the level of oil production from which Iran should be implementing cuts.


The issue has blocked fresh measures by OPEC to revive collapsed oil prices.


Naimi and Zanganeh met hot on the heels of meetings in Riyadh last week between Iran's foreign minister, Kamal Kharrazi, and Saudi leaders when oil was top of the agenda.