Oil prices rose for the third straight day on Thursday on hopes of the first global deal in over a decade between among oil-producing countries to help clear a glut that has depressed prices for over a year and a half.
Crude had jumped as much as 8 per cent after Russian Energy Minister Alexander Novak said Saudi Arabia had proposed that oil-producing countries cut production by up to 5 per cent, which for non-OPEC member Russia – the world’s top producer – would represent around 500,000 barrels per day.
By the close, Brent was up only 79 cents, or 2.4 per cent, at $33.89 a barrel, after trading as high as $35.84.
US crude settled up 92 cents, or 2.9 per cent, at $33.22 per barrel, down from a high of $34.82.
The Russian minister also said that it was reasonable to discuss the situation in the oil market and that OPEC was trying to organize a meeting with other producers next month.
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