Oil clocks one-year high as Russia backs output freeze

Russia’s eagerness to reach some sort of the agreement with OPEC helped oil prices at both sides of the Atlantic clock one-year high.

At the time of writing, Brent was was trading largely unchanged on the day around $53.00/barrel. WTI was hovering around $51.20/barrel.

Putin backs output freeze

Prices were boosted by commenets from Russian President Valdimir Putin, which suggested Russia was was ready to join the cartel’s efforts to reduce global oil supply. As per WSJ, Putin reportedly said, “We believe freezing or even reducing oil production is the only way to save the stability of the energy sector. Russia stands ready to join common efforts to limit oil production and urges others to as well”.

Meanwhile, Iran and Iraq have decided not to attend OPEC meeting scheduled for this week on the sidelines of the World Energy Congress in Istanbul, Turkey. However, markets are paying little attention to this and continue to cheer the increased prospects of OPEC action.