Saudi-Russia talks on crude oil production freeze spark brief market rally

Oil barrel symbolCrude oil prices spiked upwards by 5% on London markets to day after Russia and Saudi Arabia agreed to discuss a move to freeze production at present levels.

But the market came off the boil when it realised that the announcement by their respective Energy ministers – Alexander Novak and Khalid al-Falih – would not lead to immediate action.

“Freezing production is one of the preferred possibilities. But it does not have to happen specifically today,” said al-Falih.

The price of Brent crude oil slipped back to end the day ahead 1% at $47.31-barrel.

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