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Commodities Corner: Russia sparks oil rally, but Saudis still hold the cards

Oil traders appear increasingly confident that major producers will reach an agreement to cap output thanks to comments from Russia’s energy minister on Monday, but Saudi Arabia still holds the cards that will determine how far the rally can run.

Oil futures have been on an overall uptrend over the past week on expectations that producers will take action to ease the market’s supply burden. West Texas Intermediate CLU6, +0.04% and Brent LCOV6, +0.00%crude oil finished last week with gains of more than 6%.

The Organization of the Petroleum Exporting Countries’ President Mohammed bin Saleh al-Sada on Aug.

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