Oil prices walk back from sharp rally with focus on U.S. data

Crude oil prices edged down Tuesday morning in Asia on profit-taking after a sharp rally overnight as investors were emboldened by the possibility that the world’s oil cartel may reconsider a production freeze at a meeting in late September.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in September CLU6, -1.05%  traded at $42.66 a barrel, down $0.36, or 0.8%, in the Globex electronic session. October Brent crude on London’s ICE Futures exchange fell $0.40, or 0.9%, to $44.99 a barrel.

Qatar’s energy minister, Mohammed bin Saleh al Sada, the president of the Organization of the Petroleum Exporting Countries, said Monday the 14-member group will hold an informal meeting Sept. 26-28 at the International Energy Forum in Algeria.

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