Crude oil prices rallied on renewed hopes of an OPEC output cut/freeze deal. Russian President Putin indicated, at a news conference after the APEC summit on Sunday, that there is a “high probability” that a deal to limit oil production would be reached at the November 30 OPEC meeting. He added that Russia would “do everything” that the OPEC members “are expecting… To freeze crude production is not an issue for us”. This echoed Iranian oil minister Bijan Zangeneh’s comment that OPEC is “highly likely” to reach a final agreement to curb oil production at the November meeting.
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