Russian report on production freeze boosts oil prices
Russian news agency Interfax is reporting that Russia and Saudi Arabia have agreed on a production freeze ahead of the big OPEC meeting on Sunday. Brent prices climbed to a 4-month high on the news. The 2 countries are both producing oil at record levels and previously agreed to freeze production in February.
Saudi Arabia refused to comment on the Russian report and had previously refused to cap production unless Iran was willing to cap as well. Sunday's OPEC meeting is in Doha, Qatar.