Oil price at annual high

Oil prices jumped about 3% yesterday, with Brent hitting one-year highs, after Russia said it was ready to jointhe Organization of the Petroleum Exporting Countries (Opec) in curbing crude output and Algeria’s oil minister said he expected similar commitments from other non-Opec producers.

Sentiment was boosted by a rally in Wall Street shares and news that work was underway for the launch of the first sovereign bond issue of lead crude exporter Saudi Arabia before the eventual listing of the kingdom’s state-oil company Aramco.

Brent crude hit its highest level since October 12, 2015, reaching $53.73 a barrel before paring gains to trade up $1.44, or 2.8%, at $53.37. US West Texas Intermediate crude rose to $51.60, its highest since June 10, before trading at $51.38, up $1.57, or 3.2%.