Brent rallied to above $50 a barrel in late August, helped by growing talk of a coordinated production freeze, but prices have since fallen as few believe Opec will act. Photo: ReutersLondon: Crude oil futures rose sharply on Monday amid renewed speculation that major producers including Saudi Arabia and Russia could cooperate to tackle weak prices and rein in oversupply. “After all, if prices remain too low ahead of the meeting, there is a risk that at some point Russia and Saudi Arabia actually need to act. Russian energy minister Alexander Novak has said that an oil production freeze would be one of the issues discussed by crude producers later this month in Algeria. “Even if successful, an Opec freeze would likely be a short-term positive but a medium-term negative for oil prices,” Morgan Stanley analysts wrote in a note.

Source: Mint September 05, 2016 09:33 UTC