Brent crude bounces off six-week low after Algeria statements on OPEC's official meeting

Brent crude pared its losses on Tuesday, bouncing off a six-week low after Algerian assertion of an OPEC official meeting soon if a final deal is reached between producers. 

As of 19:25 GMT, November Brent futures traded at $45.94 a barrel, compared to the opening of $45.89, with an intraday high at $46.28, and a low at $45.08, the lowest since August 11. 

Brent November futures closed down 0.2% yesterday in what was the second daily loss in a row, as oil shipping returned from the Libyan port of Ras Lanof after brief disruption due to fighting. 

Brent futures hit six-week lows on global oversupply worries and after comments by Nigerian's oil affairs minister, saying his country's production will rise following a deal with the local militias. 

Algerian energy minister Nour Aldin Bouterfa said the official OPEC meeting is to be held next week in his country at the side of an energy international conference between OPEC and non-OPEC producers, which could spawn a deal to freeze global production and achieve balance. 

Bouterfa added that producers inside and outside OPEC are seeking a drop in production by a million barrels a day to bring balance back to markets. 

On his part, Venezuelan oil minister Del Beno said Tuesday in a radio interview that if a deal is reached between OPEC and other producers, prices could climb between 10 to 15 dollars.