Saudi Oil Mininister Al Falih said earlier on Thursday that he is optimistic Algeria deal will be implemented. He said that the agreement on oil output cut will be reached at the Vienna meeting likely to be held later this month.

Falih said that the 32.5m b/d ceiling which the OPEC wants to implement will likely speed up market balance and help producers and consumers. He said that he expects Algeria agreement will be fair & balanced between nations and would exhibit transparency regarding monitoring the mechanism of production cut.

Oil markets bounce back as OPEC cut hopes underpin. Oil prices on both sides of the Atlantic stalled downside and looked to stabilise amid broad based US dollar weakness and renewed OPEC output cut deal hopes. Focus now on the key US CPI data and Fed Yellen’s testimony, which is expected to have a significant impact on the USD price-action, eventually impacting the USD-denominated oil.