New York — Oil prices rose on Thursday, with US crude briefly rising as much as $1 a barrel as expectations of an Opec deal to limit production outweighed global oversupply concerns, but a rallying dollar capped gains. Saudi Energy Minister Khalid al-Falih said he was optimistic Opec would formalise a preliminary oil output deal reached in Algeria in September. "I’m still optimistic that the consensus reached in Algeria for capping production will translate, God willing, into caps on states’ levels and fair and balanced cuts among countries," he told Saudi-owned Al-Arabiya TV. Falih said he believed the market was on its way to becoming balanced and that an agreement by the Organization of the Petroleum Exporting Countries at its meeting in Vienna on Nov. 30 would speed the recovery. Opec countries are ready to reach a "forceful" agreement, Venezuelan President Nicolas Maduro said on Wednesday, following a meeting with Opec Secretary-General Mohammed Barkindo, who described the situ...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, Morningstar financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00.