The price of oil rose more than 3 percent as the largest manufacturers in the world have gathered in Algiers to discuss ways to support the market

Oil futures rose dramatically today as the largest manufacturers in the world have gathered in Algiers to discuss ways to support the market.

Recall, today in Algeria the International Energy Forum starts. On the sidelines of the forum members of the Organization of Petroleum Exporting Countries will meet in an informal setting to discuss a possible deal to curb oil production.

Iran, which is still ramping up production, diminishes the chances of the deal, although several other members of the group said they still hope that will be reached some kind of agreement that will solve the problem of global excess oil.

However, skepticism about the possibility of concluding any agreement prompted money managers and hedge funds to cut their bullish bets on oil to one-month low last week, when prices fell nearly 5 percent. This was reported by the US Commodity Futures Trading Commission.

The cost of the November futures for US light crude oil WTI (Light Sweet Crude Oil) rose to 45.91 dollars per barrel on the New York Mercantile Exchange.

November futures price for North Sea petroleum mix of Brent crude rose to 47.98 dollars a barrel on the London Stock Exchange ICE Futures Europe.