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Oil climbs as Saudis hint at plan to stabilize crude market

Saudi Arabia’s Energy Minister Khalid al-Falih.

Oil futures climbed Thursday, rebounding from earlier declines, as comments from Saudi Arabia’s energy minister raised the possibility that major producers will take action to stabilize the market at a meeting planned for next month.

The comments offset earlier pressure from an International Energy Agency report, which revealed a weaker forecast for global oil demand growth next year and pointed to “massive overhang” of stocks.

September West Texas Intermediate crude CLU6, +4.03% tacked on $1.12, or 2.7%, to $42.83 a barrel on the New York Mercantile Exchange. October Brent crude LCOV6, +4.29% on London’s ICE Futures exchange added $1.2`, or 2.7%, to $45.26 a barrel.

Prices for both crude grades posted declines of more than 2% Wednesday, with losses triggered by a weekly rise U.S. crude inventories and record output by Saudi Arabia.

Khalid al-Falih, Saudi Arabia’s energy minister, said Thursday the Saudis could discuss possible action to stabilize the market with members of the Organization of the Petroleum Exporting Countries and other producers at a meeting next month, according The Wall Street...