The price of oil rose by about 3 percent

Oil futures increased significantly today, as weak data on the US labor market weighed on the dollar. However, since the beginning of the week oil still shows a significant drop on concerns about market saturation.

The dollar index weakened sharply after the release of the employment report, which makes oil and other commodities denominated in dollars more affordable for holders of the euro and other currencies.

Investors also await the publication of Baker Hughes data on the number of active US drilling rigs. Recall the previous week, their number has remained unchanged, at 406. Prior to this, their number has grown for eight consecutive weeks.

However, the market continues to be uncertain regarding the outcome of the OPEC meeting to be held later this month. The cartel is likely to resume negotiations on freezing oil production from the oil-producing countries, within and outside OPEC, however, many questions remain regarding the success of the event. Earlier this year, an attempt to freeze co-production levels fell after Saudi Arabia's refusal to take part in the initiative because of Iran. Meanwhile, today, Russian President urged major oil-producing countries to agree on limiting production at a meeting in Algeria.

Analysts say that if OPEC will not be able to make a deal in Algeria, the next opportunity to take additional measures to support the market will bepresented at a meeting in Vienna, which is scheduled for November 30th. However, experts are still skeptical about the prospects of the agreements. "Oil prices will remain volatile in the coming weeks", - said Hans van Cleef, senior oil economist at ABN Amro.

The cost of the October futures for US light crude oil WTI (Light Sweet Crude Oil) rose to 44.44 dollars per barrel.

October futures price for North Sea petroleum mix of Brent crude rose to 46.80 dollars a barrel on the London Stock Exchange ICE Futures Europe.