Oil Rises to Highest in More Than Year Amid Output Deal Optimism
- Saudi energy minister says other producers ready to cooperate
- Russian minister says ready for deal with OPEC on production
Putin: Russia Is Ready to Freeze or Cut Oil Production
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Oil closed at the highest level in more than a year as Saudi Arabia expressed optimism that OPEC will work out a deal with other producers and Russia said it would back an accord.
Futures climbed 3.1 percent in New York. Many other producers have expressed their readiness to work with the Organization of Petroleum Exporting Countries, Saudi Minister of Energy and Industry Khalid Al-Falih said in Istanbul, where he’s attending the World Energy Congress. He will meet in the next couple of days with his Russian counterpart, who said on Monday his country is ready for an accord with OPEC after the group’s members agree on quotas.