Crude-oil futures on Monday closed at their best level in about 14 months, supported by bullish comments from Russian President Vladimir Putin and Saudi Arabia’s energy minister. West Texas Intermediate crude oil trading on the New York Mercantile Exchange for November delivery gained $1.54, or 3.1%, to settle at $51.35–the highest finish for oil since July 15, 2015, according to FactSet data. The rise came as Putin on Monday said Russia would support a freeze, or even a cut, to crude-oil production, and Saudi Arabia’s energy minister Khalid al-Falih, at an energy meeting in Istanbul, said a rise in crude prices to $60 a barrel wasn’t “unthinkable.” Skeptics remain because the talks in Istanbul won’t necessarily mean a firm agreement will be reached, while other market participants question how effective a production cut by members of the Organization of Petroleum Exporting Countries and non-OPEC members will be in tamping down oil production from countries eager to retain and extend their market share. OPEC’s official meeting is scheduled for Nov. 30, when oil officials have said details of a freeze may be solidified.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News