Brent oil price hits highest level at $53.45 in a year

Moscow has indicated it was ready to join measures to limit global oil production

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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.

Commitments on supply

Meanwhile, Algerian Energy Minister Nouredine Bouterfa said on Monday he expects to see commitments on supply cuts from non-OPEC oil producers at gatherings in Istanbul, describing them as “consultations” ahead of November’s OPEC meeting in Vienna.

Asked if he expected a strong commitment from non-OPEC members at the World Energy Congress in Istanbul this week, Bouterfa told Reuters: “why not?”.

OPEC is trying to nail down details of a deal to cut production agreed last month in Algiers.

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