Oil prices extended firming trend

International benchmarks for oil prices continue to move higher on Tuesday (16 August) for fourth straight session on speculation that Russia and Saudi Arabia would work out a plan to stabilize the oil market. However, Iranian oil ministry in a statement said that the country has yet to decide whether to join the meeting this September, casting doubts on any possibility of OPEC would achieve any concrete agreement. Besides, weaker US dollars also support higher oil prices.

WTI closed at $46.58/barrel (+$0.84) September delivery

Brent closed at $49.23/barrel (+$0.88) October delivery