Brent crude price spurts over $44-barrel on prospect of freeze in Saudi oil production

Oil barrel symbolN. Sea Brent oil prices again hit a four-month high last night in New York following reports of an agreement between two major producers to freeze production.

Russia‘s Interfax news agency quoted a diplomatic source in Doha, Qatar, saying Russia and Saudi Arabia have reached consensus about an oil output freeze ahead of a producers’ meeting there on Sunday (April 17) and that the final decision will not depend on Iran.

Brent crude rose by 71 cents, or 1.6 percent, to touch $44 a barrel minutes after the report was released and continued rising to $44.36 in late trading.

However, Gene McGillian, a senior analyst at Tradition Energy, issued a note of caution. He said: “The market appears to be taking a lot of support from positive statements <from Moscow> but, this isn’t the first time the Russians have come out and made remarks related to a production freeze being imminent.”

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