Oil prices up in Asia on Russia-Saudi talks

Crude prices rose in Asia on Tuesday after Russia and Saudi Arabia pledged to work on addressing a global supply glut, but analysts said gains would likely be limited after the two sides provided scant detail about their plans.

Saudi Energy Minister Khaled Al-Falih and his Russian counterpart Alexander Novak agreed to "act together" to steady the market but stopped short of agreeing to a production freeze.

On the sidelines of the G-20 summit in China, the ministers said they will act "together or in cooperation with other oil productions" and agreed to set up a "joint monitoring group" to offer recommendations to prevent price fluctuations.

News that the two sides were about to make an announcement sent both contracts soaring Monday but the gains were all but wiped out after the statement.Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg