Oil prices extend gains on Saudi minister's comments

New York: Oil prices climbed further on Friday as investors were digesting the latest remarks from Saudi Energy Minister.

Saudi Energy Minister Khalid al-Falih said on Thursday that members of the Organisation of Petroleum Exporting Countries (OPEC) as well as non-members would discuss the market situation, including any action that may be required to stabilise prices, during an informal meeting on September 26-28 in Algeria.

Earlier this week, a statement by OPEC said members of the group were "in constant deliberations on ways and means to help restore stability and order to the oil market".

"The recent decline observed in oil prices and the current market volatility is only temporary," said Mohammed bin Saleh Al-Sada, Qatar`s energy and industry minister and the group`s current president.

"The economies of major oil consuming countries are expected to improve which in turn would augment oil demand in the coming quarters ... oil price would increase during later part of 2016."

The West Texas Intermediate for September delivery added $1 to settle at $44.49 a barrel on the New York Mercantile Exchange, while Brent crude for October delivery increased $0.93 to close at $46.97 a barrel on the London ICE Futures Exchange.