Oil Rises to Four-Week High Amid OPEC Output Freeze Speculation
- Saudi Arabia signals it’s ready to discuss stabilizing markets
- Russia open to freeze talks ‘if necessary’: Saudi newspaper
Oil Extends Best Week Since April
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Oil climbed to the highest close in more than four weeks amid speculation that crude producers will revive talks to stabilize prices.
Futures gained 2.8 percent in New York. Prices advanced 6.4 percent last week as Saudi Arabia signaled it’s prepared to discuss stabilizing markets at informal OPEC discussions next month. Russia is open to talks for a joint output freeze “if necessary,” Energy Minister Alexander Novak told Saudi Arabian newspaper Asharq Al-Awsat. The Bloomberg Commodity Index rose the most in a month as the dollar weakened.