Moscow and Riyadh made a joint statement on Monday at the G20 summit in China calling for cooperation to support the oil markets. They agreed to set up a task force to review oil market fundamentals, recommending measures and actions for oil market stability, including a production freeze.
The report sent global crude prices surging.
November futures for Brent crude rose by almost five percent to over $49 per barrel in early trading on Monday. US benchmark West Texas Intermediate surged almost four percent higher to over $46 a barrel. Read full