Oil rises most since May after Saudi comments on producer talks

NEW YORK (Bloomberg) -- Crude climbed the most in three months amid speculation that oil producers could agree on moves to support prices during talks in September.

Futures surged as much as 5.2% in New York. Talks with oil producers in Algiers next month could include possible action to stabilize the market, Saudi Arabia’s energy minister said, according to Reuters. Differences between Saudi Arabia and Iran caused the demise of a proposal to freeze production at an April summit in Doha.

"The market is obviously keying off the Saudi comments about the upcoming talks," said John Kilduff, partner at Again Capital LLC, a New York hedge fund focused on energy. "There’s a greater likelihood that they will be able to pull something together this time, with Iran getting a lot closer to its target and the Saudis being more flexible."

http://www.worldoil.com/news/2016/8/11/oil-rises-most-since-may-after-saudi-comments-on-producer-talks