Oil price jumps after Russia & Saudi Arabia create market stability task force
RT.com
5 Sep, 2016
Moscow and Riyadh made a joint statement on Monday at the G20 summit in China calling for cooperation to support the oil markets. They agreed to set up a task force to review oil market fundamentals, recommending measures and actions for oil market stability, including a production freeze.
The report sent global crude prices surging.
November futures for Brent crude rose by almost five percent to over $49 per barrel in early trading on Monday. US benchmark West Texas Intermediate surged almost four percent higher to over $46 a barrel.
During the G20 summit, Russia and Saudi Arabia agreed to work together to ensure oil market stability.
Oil market stability is impossible without Saudi-Russian cooperation, Deputy Crown Prince Mohammed bin Salman said after the meeting on Sunday with Russian President Vladimir Putin in Hangzhou, China.
“Our countries are the two biggest oil producers, that’s why there can’t be a stable oil policy without the participation of Russia and Saudi Arabia,” said the Prince. The Russian President said it is important for the two countries to “maintain a permanent dialogue.”
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