Markets > Commodities

Oil prices rebound after Russia shows willingness to cooperate with OPEC

Xinhua Financein NEW YORK
2018-11-30 09:06

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Oil prices bounced on Thursday, as Russia President Vladimir Putin said that his country was in contact with OPEC and willing to continue cooperation with the Saudi-led oil cartel.

"We are now in contact with OPEC and if needed, we will continue this joint work," Putin said at an investment forum on Wednesday. Putin also said that he was comfortable with an oil price of 60 U.S. dollars, which is "balanced and fair."

The remarks came following a meeting between the Russian Energy Ministry and the heads of Russia's domestic oil producers on Tuesday.

The market kept a close eye on what signs of the global oil policy will come out from the gathering of world' s major oil producers at the G20 Summit, scheduled for Nov. 30 to Dec. 1, especially among heads of states of Saudi Arabia, Russia and the United States.

Moscow confirmed that Russian President Vladimir Putin will meet Saudi Crown Prince Mohammed bin Salman in Argentina during the G20 summit, with journalist Jamal Khashoggi's death a key focus.

Investors have worried that Saudi Arabia would avoid confronting with the United States over issues including propping up oil prices, as U.S. President Donald Trump stood behind Salman over the murder of Khashoggi.

Industry insiders disclosed to Reuters that Russia was increasingly convinced that it needed to cut oil productions and would discuss "how quickly and by how much" the reduction to take place.

The West Texas Intermediate for January delivery rose 1.16 U.S. dollars to settle at 51.45 dollars a barrel on the New York Mercantile Exchange, while Brent crude for January delivery rose 0.81 dollar to close at 59.57 dollars a barrel on the London ICE Futures Exchange.
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