Oil price nears $45 as OPEC mulls talks in Algiers

Oil climbed near $45 a barrel after Algeria said OPEC may turn its informal talks next week into a more serious session. The increase came as weekly industry data showed a decline in US crude inventories. November futures rose by as much as 2.5 per cent in New York. OPEC ministers can transform the gathering into an extraordinary meeting since they will all be present, Algerian Energy Minister Noureddine Bouterfa said on public radio, adding that supply must be cut by a million barrels per day to rebalance the market and stabilise prices.