Brent prices rose sharply, reaching mid-October 2015 highs, as Russia said it was ready to join a proposed deal to limit oil production in an attempt to stop the fall in prices. Quotes of WTI crude also increased significantly, reaching the highest level in four months.
Russian President Vladimir Putin said that the freezing of production or even a reduction in oil production is likely to be the only right decision to maintain the stability of the energy sector. “Russia is ready to join the joint measures to limit production, and calls on other oil-exporting countries followo t this example”, – said Putin, speaking at the World Energy Congress in Istanbul.
The cost of the November futures for US light crude oil WTI (Light Sweet Crude Oil) rose to 51.36 dollars per barrel on the New York Mercantile Exchange.
November futures price for North Sea petroleum mix of Brent crude rose to 53.30 dollars a barrel on the London Stock Exchange ICE Futures Europe.
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