Brent Crude Jumped to Highest in One Year as Russia Signaled to Join Output Cut

Both crude oil benchmarks stay above US$50/bbl on Tuesday, following the rally overnight as Russia announced it is ready to join output freeze or cut. The front-month WTI contract soared to a 4-month high of US$51.6/bbl before ending the day at US$51.35/bbl, up +3.09%. The Brent crude contract jumped to a 1-year high of US$53.73/bbl before settling at US$53.14/bbl, up +2.33%.

from Oil N' Gold Focus http://www.oilngold.com/ong-focus/insights/brent-crude-jumped-to-highest-in-one-year-as-russia-signaled-to-join-output-cut-2016101133696/