Brent Oil Price Hits Highest Level In A Year
Muhammad Rameez Published October 10, 2016 | 07:50 PM
LONDON, (UrduPoint / Pakistan Point News - 10th Oct, 2016 ) - Brent North Sea crude rose to $53.45 a barrel on Monday -- its highest price in a year after President Vladimir Putin indicated Russia was ready to join measures to limit global oil production.
At around 1453 GMT, the price hit $53.45 -- a $1.53 increase from Monday. It was the highest level reached since October 2015, when it was at $54.05 a barrel. The price of a barrel of West Texas Intermediate rose to $51.46 -- its highest level since June.
"In the current situation, we believe a freeze or a cutting of the production of oil is the only way preserve the stability of the energy sector and accelerate a rebalancing of the market," Putin said at the World Energy Congress in Istanbul.
"Russia is prepared to join joint measures limiting production and calls on other exporting countries to do the same," he added. The OPEC oil cartel, of which Russia is not a member, agreed two weeks ago to limit their production and thereby limit the overcapacity that has brought down global oil prices.
"Putin's comments have taken the market by a bit of a surprise," said Fawad Razaqzada, an analyst at forex.com.
Related Topics
Recent Stories
At least 10 people killed in Brazil fire: officials
Shahzaib Rind calls on Deputy Speaker Balochistan
Ahsan chairs 13th CPEC-JCC preparatory meeting, reviews arrangements for high-le ..
DC Tharparkar inaugurates anti-polio campaign
HDA Mehran workers demand salaries
Taxila police nab motorcycle lifter gang
Inter-university weightlifting championship kicks off at SAU
Walk held in a series of enrollment campaigns
Team from Gaza mediator Egypt arrives in Israel for truce talks
Kids murders: IHC orders psychiatric examination of mother
Health minister credits PML-N for advancements in organ transplantation
Court grants interim bail to Azam Swati in cyber crime case
More Stories From Business
-
Ahsan chairs 13th CPEC-JCC preparatory meeting, reviews arrangements for high-level delegation’s v ..
34 minutes ago -
Police to take every step for security of business community: IGP
33 minutes ago -
WB director, Planning minister discuss reforms in development projects
42 minutes ago -
IP rights crucial in achieving SDG : Jam Kamal
2 hours ago -
FBR’s data protection efforts commended by OECD assessment team
2 hours ago -
US stocks rebound on tech earnings, London hits new record
3 hours ago
-
SECP-IFSB workshop highlights Pakistan's progress in Islamic Finance Development
3 hours ago -
SBP to announce monetary policy on April 29
3 hours ago -
50pc cut in subsidy of BRT service likely: CM’s aide
4 hours ago -
PSX gains 771 points
5 hours ago -
Pakistan, US hold 7th TIFA meeting to strengthen trade and investment ties
5 hours ago -
Meeting held to streamline trade between Pak-Afghan , Central Asian Republics
5 hours ago