Oil climbs as Putin says Russia ready to join OPEC output freeze

Oil prices climbed higher on Monday as Russia indicated it is willing to curb production.

Speaking at the World Energy Congress in Istanbul, Russian President Vladimir Putin said his country “is ready to join joint measures on reducing the production of oil and invites other oil exporters to do so.”

“We support the recent OPEC initiative to fix limitations on production and hope that, at the November OPEC meeting, this idea will be transformed into real agreements giving a positive signal to markets and investors,” Putin said.

In the wake of Putin’s comments, oil prices shot up. U.S. West Texas Intermediate, the North American benchmark, rose $1.54 US to settle at $51.35 US a barrel, its highest close since July 2015. Meanwhile, Brent crude, the international standard, hit $53.73 US, its highest level since Oct. 12, 2015, before finishing at $53.14 US a barrel in…

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