Brent crude oil price surpasses $53 per barrel

Baku, October 10, AZERTAC

Price of Brent crude oil futures contract with December delivery rose by 2.41% to $53.18 per barrel on London’s ICE in the course of a trading session on Monday, TASS reports.

Oil prices are growing after the news about Russia being ready to join the OPEC decision on limiting oil production, announced by the Russian President Vladimir Putin at the World Energy Congress 2016 in Istanbul.

President Vladimir Putin said earlier Russia was ready to join the decision on freeze or reduction of crude production, which is important for keeping stability on the oil market. "In the current situation we consider the freeze or even reduction of crude production to be probably the only correct decision to keep the sustainability of the whole global energy (market)," Putin said, adding that the move will help the market to regain equilibrium.

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