Oil prices surge 5% on Saudi-Russia co-operation

Dubai: Oil jumped more than 5 per cent on Monday on talks of concrete action to maintain market stability between Saudi Arabia and Russia.

Brent prices jumped to as much as $ 49.38  per barrel, gaining more than 5 per cent, before trading 3.63 per cent higher at $48.63.

West Texas Intermediate also jumped 3.62 per cent to be at $46.02 per barrel.

The price reaction comes after Saudi deputy crown prince told Russian President Vladimir Putin on the sidelines of a summit that cooperation between the two countries would bring benefit to the global oil market.

Saudi energy minister Khalid al-Falih will make a "significant announcement" at a news conference at 0930 at the summit.

Earlier report

Saudi Arabia and Russia agreed to work together to stabilise prices, without offering details on joint action, after Deputy Crown Prince Mohammed Bin Salman and President Vladimir Putin met in China on Sunday.