Oil price rises to over $47 on hope Opec will curb output

Oil extended gains yesterday after closing at the highest level in three weeks amid speculation that crude producers will revive talks to stabilise prices.

Prices had climbed 6.4% last week as Saudi Arabia signalled it’s prepared to discuss stabilising markets at informal Opec discussions next month.

Russia is open to talks for a joint output freeze “if necessary,” its energy minister Alexander Novak said.