Oil price bounces back after Algeria tells OPEC members all options remain open

Crude prices rebounded on Monday, one day after after Algeria’s energy minister said all options were possible to address the surplus of oil. “We will not come out of the meeting empty-handed,” said Algerian energy minister Noureddine Bouterfa, addressing fellow members of the Organization of the Petroleum Exporting Countries (OPEC). His announcement came after prices plunged by almost 4 per cent on Friday. OPEC members will meet in the Algerian capital, Algiers, this week to discuss a possible deal to limit crude output.