Oil price: traders are waiting for Algeri’s meeting

Oil prices fell on Tuesday after rising yesterday supported by the crisis in Libya and the opening of Venezuela to the freezing of oil production. On Asian markets, Light Sweet Crude recorded a 0.85% rise to $ 43.67 a barrel, while Brent Crude lima 0.19% to $ 46.33 a barrel.

In Libya, the military clashes between Ras Lanuf and Sidra oil terminals, have caused the blocking of exports from Libyan ports. They are taken up, in fact, fighting between forces loyal to the government of Libyan national unity, backed by the United Nations, and the administration's rival for control of oil ports in the east African country.

Investors remain focused on the informal meeting later this month in Algiers, where OPEC members will meet with the producers who are not members of the cartel to discuss the current supply glut.

Meanwhile, Venezuelan President, Nicolas Maduro, assured that the oil producers are close to an agreement to stabilize prices on the oil market: "We're close to a deal between OPEC and non-OPEC producer countries," he told a news conference after meeting with Iranian President Hassan Rouhani.

It's still possible the achievement of an agreement between the parties. Talking about the next summit scheduled on 27 September in Algeria, OPEC chief Mohammed Barkindo over the weekend made it clear that no decision would be made at the meeting. However, if all members agree on a policy, an emergency meeting would be called later this year.