Crude oil prices continued to push upward after Russian Energy Minister Alexander Novak said his country would be open to talks about a joint output freeze with OPEC and non-OPEC producers. The comments were made in an interview with Saudi Arabian newspaper Asharq Al-Awsat and bolster hopes of a deal to boost prices that have buoyed the WTI contract since last week.
The article first appeared on Oil-Trading.CO at http://www.oil-trading.co/crude-oil-analysis/crude-oil-extends-gains-as-russia-stokes-output-deal-hopes
On balance, the emergence of a supply-side deal seems unlikely considering the key parties to any such arrangement – Iran, Saudi Arabia and Russia – are currently on opposing sides of at least two active military conflicts (principally in Syria). Indeed, similar-sounding efforts have foundered recently. A lull in headline-grabbing news flow may offer space for skeptici
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