Oil hits highest price in a year with Russia's willingness to install production ..Brent to $ 53.14 a barrel

Views 19 11/10/2016

Oil prices jumped three percent on Monday to score Brent highest level in a year after Russia said it was ready to join OPEC to curb crude production while Alhzair called for similar commitments from other producers are not members of the organization.

It also boosted confidence by a rally in US stocks and news ready to launch its first sovereign bond issue of Saudi Arabia's largest oil exporter in the world before the insertion planned national oil company Aramco.

Brent scored its highest level since the ninth of October 2015 to $ 53.73 a barrel, then pared gains to be determined on a settlement high of $ 1.21, equivalent to 2.3 percent at $ 53.14.

US crude West Texas Intermediate to its highest level since the ninth of June, at $ 51.60, then fell slightly to close at 51.35 dollars, up 1.54 dollars or 3.1 percent.

He said Russian President Vladimir Putin that the installation of production or even lower it is probably the right decision to maintain the stability of the energy sector.

Putin said, speaking at a conference of the energy sector in Istanbul "Russia is ready to join the joint actions aimed to install production and calls to other oil exporters to participate."

OPEC aims to agree on a production cut of about 700 thousand barrels per day, bringing production to between 32.5 million and 33 million barrels a day by the time of its meeting in Vienna on November 30. It asked OPEC from Russia and other independent producers to participate in the cut.

He said Saudi Arabia's energy minister Khaled al-Faleh on Monday he was optimistic an agreement by November. Algerian counterpart Noureddine Bouterfa said he expected pledges downwardly from independent producers during meetings Istanbul this week.