Tokyo: Oil fell as two of the world’s biggest producers stopped short of making concrete proposals to coordinate output, pledging instead to cooperate to ensure market stability. Crude rose the most in two weeks on Friday as Putin said he’d like Opec and Russia to agree to an output freeze. Oil rallied last month amid speculation members of the Organization of Petroleum Exporting Countries and other producers would agree to a plan to limit output when they meet later this month in Algiers. The Russian president said at the time that he may recommend such a plan when he met with Prince Mohammed. Saudi Arabia led Opec’s decision in 2014 not to cut output amid a global glut in order to protect market share and force out higher-cost producers.

Source: Mint September 05, 2016 15:11 UTC