Today;Angel Commodities report on Crude Oil represents that:

The report of Crude Oil :WTI oil prices jumped by 2.9 % on Monday to close at $42.8 per barrel as a Wall Street Journal report late last week said that OPEC countries such as Venezuela, Ecuador and Kuwait want to take another stab at cooperation between the 14 - nation Organization of the Petroleum Exporting Countries and non - members such as Russia.

Also, Qatar's Energy Min ister and OPEC President Mohammad bin Saleh al - Sada said on Monday the oil market is on the path to rebalancing despite the recent decline in global oil prices, adding that OPEC was in continuous talks to stabilize the market. However, Market intelligence firm Genscape reported a build of more than 307,000 barrels at the Cushing, Oklahoma delivery hub for WTI futures in the week to Aug. 5

On an intraday basis, we expect oil prices to trade sideways as recent talks of informal meeting of OPEC member countries to pare supply glut will be supportive . While on the other hand , U.S. oil rig count rose last week for a sixth week in a row. Also, investor sentiments remains weak as Hedge funds cut their bullish exposure to Brent to the smallest since January while p aring positive bets on WTI to the least since February.