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Oil price jumps after Russia & Saudi Arabia create market stability task force

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Moscow and Riyadh made a joint statement on Monday at the G20 summit in China calling for cooperation to support the oil markets. They agreed to set up a task force to review oil market fundamentals, recommending measures and actions for oil market stability, including a production freeze.

The report sent global crude prices surging.

November futures for Brent crude rose by almost five percent to over $49 per barrel in early trading on Monday. US benchmark West Texas Intermediate surged almost four percent higher to over $46 a barrel.

During the G20 summit, Russia and Saudi Arabia agreed to work together to ensure oil market stability. – READ MORE

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