| Saudi Arabia and Russia have forged a deal to use their combined market dominance to help stabilise the oil market as it recovers from its two year downturn. The oil giants, which together contribute over 20pc to global supply, agreed on the sidelines of the G20 summit in China to form a ‘working group’ which will track the market’s recovery and make recommendations on how to ensure stability.
The pact did little to help steady the market on Monday morning as prices swung wildly - first spurred by hope that the pact would include a supply freeze deal before retreating after it emerged that the pact would not result in immediate action...............................................Full Article: Source
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