Oil Advances as Russia Shows Willingness to Join Saudis On Cuts - Bloomberg

Oil Advances as Russia Shows Willingness to Join Saudis On Cuts - Bloomberg:

Oil climbed for the first time in three days as Russia expressed a willingness to join Saudi Arabia in curbing global supplies.

Russia wants more predictability and “smooth price dynamics” in world crude markets, Deputy Foreign Minister Sergei Ryabkov said in an interview in Argentina. The remarks presaged a G-20 summit where Russia’s Vladimir Putin and Saudi Arabia’s Mohammed bin Salman are expected to discuss oil supplies ahead of a broader meeting of top petroleum exporters next week.

West Texas Intermediate crude has fallen 21 percent this month, on track for its its worst monthly showing in a decade. Yet after sliding below $50 a barrel earlier on Thursday -- a key budgetary marker for U.S. shale drillers -- some traders saw an oversold market, said Bart Melek, head commodity strategist at TD Securities in Toronto.