Oil bounces on Saudi-Russian pledge to steady prices

LONDON (Sept 6): Oil rallied by up to five per cent on Monday as top global producers Russia and Saudi Arabia vowed to stabilise the market after meeting at the G20 in China.

Saudi Energy Minister Khaled Al-Falih and his Russian counterpart Alexander Novak agreed to "act together" to steady the market, on the sidelines of the G20 summit in the eastern Chinese city of Hangzhou.

In reaction, Brent North Sea crude leapt as high as US$49.40 per barrel, and US benchmark West Texas Intermediate (WTI) soared to US$46.53.

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