Oil slips as Saudi-Russia agreement stops short of putput plan | GulfNews.com:
"Oil fell as two of the world’s biggest producers stopped short of making concrete proposals to coordinate output, pledging instead to cooperate to ensure market stability.
Futures lost as much as 0.9 per cent in New York. 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. Crude rose the most in two weeks on Friday as Putin said he’d like Opec and Russia to agree to an output freeze.
Oil rallied last month amid speculation members of the Organisation of Petroleum Exporting Countries and other producers would agree to a plan to limit output when they meet later this month in Algiers. A similar proposal, originally put forward in February, was derailed in April after Iran declined to cap its production."
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