Oil rises on report of Saudi plan to balance market

London

OIL prices rose from near-2015 lows on Thursday after a report sourced to a senior Organization of the Petroleum Exporting Countries (Opec) delegate said Saudi Arabia would propose a deal to balance oil markets with non-Opec help next year.

Benchmark Brent crude futures were up 88 cents, more than 2 per cent, at US$43.37 a barrel at 0955 GMT. US crude was trading 64 cents higher at US$40.58 a barrel after sinking below US$40 on Wednesday.