TIL Desk/Business/New York-Oil futures rose today following remarks from Russian President Vladimir Putin, who said he believed Russia and other producing nations should freeze output to stabilize long-suffering oil prices. The statements ran counter to views attributed the day before to Russia’s oil minister which appeared to cast doubt on the need for any production freeze.
Putin and Alexander Novak, the energy minister, were also quoted today as saying that Russian production would increase this year. In New York, a barrel of West Texas Intermediate for October delivery rose USD 1.28 to close at USD 44.44. North Sea Brent, also for October delivery, gained USD 1.38, settling at USD 46.83 per barrel on the Intercontinental Exchange in London.
The Organization of the Petroleum Exporting Countries is scheduled to convene late this month in Algeria and oil prices have fluctuated on speculation that the cartel could agree to limit supply. In an interview Putin said he believed Russia and OPEC, which together produce half the world’s oil, should agree to freeze production and that any disagreement with Iran over the issue could be overcome.
