Oil prices reach one-year high of $53.73

Oil prices have reached a one-year high of $53.73, after Russia agreed to join OPEC in cutting production and Algeria called for similar commitments from other non-OPEC producers.

Brent crude hit its highest level since October 9, 2015, jumping as much as 3% a barrel, while US West Texas Intermediate crude rose to its highest since June 9 at $51.60, before easing to end the session at $51.35.

Qatar News Agency reports that Russian President Vladimir Putin said an output freeze or even a production cut were likely the only right decisions to maintain energy sector stability.

"Russia is ready to join the joint measures to cap production and is calling for other oil exporters to join," Putin said, speaking at an energy congress in Istanbul.

However, there also concerns that a production cut by the world's largest exporters might not be enough to erode a two-year old global surplus of unwanted crude oil, according to Reuters report.

OPEC aims to agree on cutting about 700,000 barrels per day, bringing its output to 32.5-33.0 million bpd by the time it meets in Vienna for its policy meeting on November 30. [QNA]

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