Commodities: Russia ready to freeze oil output, Putin says, calling for talks

Explicit support from Russian president Vladimir Putin for a crude oil output freeze agreement by the world´s largest producers stoked gains in energy futures markets.

West Texas Intermediate crude oil futures for next month delivery gained 2.97% to finish at $44.44 a barrel, alongside an advance of 2.29% for October 2016 NYMEX-traded RBOB gasoline.

In parallel, similarly-dated NYMEX heating oil futures rose 2.0% to $1.4096 a gallon.

Speaking in an interview with Bloomberg TV, Putin said: "From the viewpoint of economic sense and logic, then it would be correct to find some sort of compromise”.

“I am confident that everyone understands that. We believe that this is the right decision for world energy.”

Also on 2 September, Russian Energy minister Alexander Novak reportedly said his country was ready to participate in informal OPEC talks scheduled for later in September, even if an agreement is not raeched immediately.

Putin´s remarks also indicated that Russia´s own output could be increased, analysts told the newswire.

Copper was little changed over on COMEX, rising 0.12% to $2.0780 a pound, but precious metals were bid higher despite weakness in the greenback.

Spot platinum added 1.50% to $1,063,84 an ounce, while December 2016 gold futures were ahead by 0.73% to $1,326.70/oz. by the end of trading.

Bloomberg´s commodity index jumped 1.08% to 92.98 even as the US dollar index edged higher by 0.24% to end the session at 95.88.

Trading in agriculture futures was more mixed, with December 2016 CBoT corn up by 1.47% to $3.2850 a bushel and wheat clocking in with an advance of 1.14% to $3.9925 per bushel.

October 2015 CME live cattle futures on the other hand lost 1.91% to $1.0160 a pound.