Crude
oil prices rose to their best levels of this year on Monday after more
indications that major oil producers are willing to strike a deal on
output.
The
Organisation of Petroleum Exporting Countries (OPEC) agreed at an
informal meeting last month to discuss capping output when it holds its
formal meeting in November. Reuters reported that
Russian President Vladimir Putin said he hoped OPEC reaches an
agreement, while speaking at an energy congress in Istanbul.
"Russia is ready to join the joint measures to cap production and is calling for other oil exporters to join," Putin said, according to Reuters.
Similar talks ended without a deal
in April after Russia refused to play ball without the involvement of
Iran, its geopolitical rival and OPEC's second-largest producer.
The US and international benchmarks of oil prices crossed the psychologically key $50 per barrel threshold last week.
Brent
crude, the international benchmark of oil prices is near a one-year
high and up 3.2% to $53.60 per barrel at 10:03 a.m. ET. West Texas
Intermediate crude oil futures, the US benchmark, is up 3.3% to $51.48.
Culled from Business Insider
No comments:
Post a Comment