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Oil hits one-year high as Russia ready to join output caps

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Oil prices jumped as much as 3 percent on Monday, with Brent hitting a one-year high, after Russia said it was ready to join OPEC in curbing crude output and Algeria called for similar commitments from other non-OPEC producers.

Sentiment was also boosted by a rally in Wall Street shares .SPX and news that work was underway for the launch of the first sovereign bond issue of No. 1 crude exporter Saudi Arabia before the eventual listing of the kingdom's state-oil company Aramco.[FRX/]

Brent crude LCOc1 hit its highest level since Oct. 9, 2015, reaching $53.73 a barrel, before paring gains to settle $1.21, or 2.3 percent higher at $53.14 a barrel.


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