Oil price lifted by Russia backing Opec production freeze
Russia has said it will support a proposal by Opec to freeze oil production in order to reverse the slump in global prices.
The move lifted the price of oil, with Brent crude hitting a one-year high.
"Russia is ready to accede to joint measures to reduce [oil] production, and is calling on other oil exporters to do so," said Russian President Vladimir Putin.
"We support the recent Opec initiative to set production limits," he added.
In late afternoon Brent Crude oil was trading at $53.21 a barrel, up by 2.5%.
Speaking at the World Energy Congress in Istanbul, Mr Putin... read more
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