Russia ready to join oil production freeze, Putin says

Crude oil futures moved higher after Russian president Vladimir Putin signalled from Istanbul that his country was willing to join a freeze on production.

A "freeze or even decrease of oil production is only right solution," Putin said at the 23rd World Energy Congress, according to a report from Interfax.

Ankara and Moscow were also expected to discuss the situation in Syria and the recently-restarted Turkish Stream gas pipeline.

As of 1348 BST front month Brent crude oil futures were higher by 1.56% to reach $52.75 per barrel on the ICE.

Speaking earlier the same day, also from Istanbul, Saudi Energy Minister Khalid Al-Falih cautioned against measures that might shock the oil market but was nevertheless optimistic regarding the prospects for further gains in prices.

“It is not unthinkable that we could see $60 by year-end,” Al-Falih reportedly said.

"What we have today is nice gain for the energy market. Traders have welcomed the news from Russia that it is ready to join other members to adopt sensible strategy to curb the supply and stabilise the price. This has removed the uncertainty and now we are in clear however, it is important to keep in mind that unless we see the planned action complete, caution may the best practice.

"If history tells us anything, it is this that these major oil players also have habit to not to respect the agreed agreement. But for now, traders are loving the news and we are seeing the price moving higher," Naeem Aslam, chief market analyst at Think Markets UK said in a research report sent to clients.