Oil Surges to Four-Month High as Russians, Saudis Seen Agreeing
- Saudi Arabia, Russia reach consensus on oil freeze: Interfax
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The New Normal for Oil and OPEC
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Crude climbed to the highest level in more than four months as Saudi Arabia and Russia were seen agreeing on a potential production freeze.
Oil rose 4.5 percent in New York. Saudi Arabia and Russia have reached a consensus on an output freeze, Interfax said Tuesday, citing an unidentified “informed diplomatic source” in Doha. "There is hope" that an agreement can be reached regardless of Iran’s position, said Dmitry Peskov, the Kremlin’s press secretary. OPEC members will meet with other major producers, including Russia, to discuss capping production in the Qatari capital on April 17.