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Futures Movers: Oil prices jump on report Saudi Arabia, Russia will make energy market statement

Oil futures shot higher Monday, with gains accelerating after a report that Saudi Arabia’s energy minister is set to make a “significant announcement.”

Saudi Arabia and Russia will make a joint statement asking for cooperation in supporting prices in the energy market, Reuters reported. The announcement is expected to be made at 5:30 a.m. Eastern Time at the Group of 20 summit in China.

October West Texas Intermediate crude CLV6, +3.44% surged $1.75, or 4%, to $46.79 a barrel, while November Brent crude LCOX6, +3.72% jumped $2.23, or 4.8%, to $49.05 a barrel.

“Crude is moving higher on the back of hopes that Russia and Saudi Arabia will be announcing more concrete/policy statement to curb the supply,” wrote Naeem Aslam, chief market analyst at Think Markets.

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