Oil Price Hits 1-Year High at $53.73

Oil prices jumped as much as 3%, with Brent hitting a one-year high, after Russia said it was ready to join OPEC in curbing crude output and Algeria called for similar commitments from other non-OPEC producers.

    Brent crude LCOc1 hit its highest level since October 9, 2015, reaching $53.73 a barrel, before paring gains to settle $1.21, or 2.3% higher at $53.14 a barrel. US West Texas Intermediate crude CLc1 rose to its highest since June 9 at $51.60, before easing to end the session at $51.35, up $1.54, or 3.1%. 

    Russian President Vladimir Putin said an output freeze or even a production cut were likely the only right decisions to maintain energy sector stability. "Russia is ready to join the joint measures to cap production and is calling for other oil exporters to join," Putin said, speaking at an energy congress in Istanbul. 

    The Organization of the Petroleum Exporting Countries aims to agree on cutting about 700,000 barrels per day, bringing its output to 32.5-33.0 million bpd by the time it meets in Vienna for its policy meeting on November 30