The Organization of the Petroleum Exporting Countries (OPEC) aims to agree an output cut by the time it meets in late November. Photo: ReutersNew York: Oil prices jumped about 3% on Monday, with Brent hitting one-year highs, after Russia said it was ready to join OPEC in curbing crude output and Algeria’s oil minister said he expected similar commitments from other non-OPEC producers. “Russia is ready to join the joint measures to cap production and is calling for other oil exporters to join,” Putin said, speaking at an energy congress in Istanbul. OPEC has also asked Russia and other non-members to join in making cuts. Money managers have amassed their largest bullish position in US crude futures in more than four months on OPEC’s planned output cut, data showed on Friday.

Source: Mint October 10, 2016 12:11 UTC