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Brent oil hits one-year high as optimism grows

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(iStock)
(iStock)

New York - Oil rose to a one-year high in London as Saudi Arabia expressed optimism that OPEC will work out a deal with other producers and Russia said it would back an accord. 

Brent crude rose as much as 2.7% to the highest since October 12, erasing a 1.2% drop in early trading. Many other producers have expressed their readiness to work with the Organization of Petroleum Exporting Countries, Saudi Minister of Energy and Industry Khalid Al-Falih said in Istanbul, where he’s attending the World Energy Congress.

He will meet in the next couple of days with his Russian counterpart, who said on Monday his country is ready for an accord with OPEC after the group’s members agree on quotas.

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