Oil Price Hits One-Month High on Hopes Russia Will Strike Supply Deal with OPEC

Oil prices are rising as the world’s largest producers prepare to discuss a deal to combat the stubborn glut of global oil supplies

by Jillian Ambrose

Oil prices advanced for a third consecutive day to reach a one-month high amid growing hope that the world’s largest producers may agree a deal to combat the stubborn glut of global supplies.

The price of Brent crude climbed to $46.61, 10pc higher than at the start of the month but still well below the 2016 highs of $52.50 a barrel seen in June.

Oil was buoyed by speculation that the Organisation of Petroleum Exporting Countries – responsible for nearly 40pc of world supply – is considering joint action to limit output to prop up prices.

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