Oil price rises after Russia says it's mulling talks with Opec

Jessica Morris
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Brent rose 3.4 per cent to $49.75 a barrel (Source: Getty)

Brent crude posted its biggest intra-day gain in more than two weeks today amid comments from Russia over potential talks with Organization of Petroleum Exporting Countries (Opec) and non-Opec members.

Russia's energy minister, Alexander Novak, said that the country was ready to take part in such a meeting to discuss the state of global markets. Russia previously declined to work with Opec to defend its market share.

At the same time, he didn't say when and if the meeting would take place.

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Novak added that a meeting between officials from Russia and Saudi Arabia was being planned for the end of the month to discuss energy issues and other projects.

Brent, the global crude benchmark, rose 3.4 per cent to $49.75 a barrel after closing up 44 cents on Friday.

U.S. crude was up $1.24, or 2.7 per cent, at $46.78 after settling up 80 cents.

Gasoline surged about three per cent earlier, also helping underpin prices for both crude and other refined fuels.

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