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Futures Movers: Oil ends near 3-week high as Saudis hint at plan to stabilize crude market

Oil futures rallied Thursday to their highest settlement in nearly three weeks 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. News of a fire at the Motiva Oil Refinery in Convent, La., may have also added support to petroleum-product prices.

September West Texas Intermediate crude CLU6, +3.93% tacked on $1.78, or 4.3%, to settle at $43.49 a barrel on the New York Mercantile Exchange.

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