Oil prices rose to the highest values since November on Tuesday, increasing to over $44 per barrel following news of consensus between Moscow and Riyadh on freezing output.





MOSCOW (Sputnik)�� Brent crude ICE futures were over�4 percent in�the green, continuing a week-long rally and rising from�around $43.30 on�Tuesday morning to�over $44.70 by�late afternoon.


Brent June 2016 futures rose from�less than $43 per barrel to over $44 per barrel, while WTI May 2016 futures were over�3 percent in�the green, standing at�over $41.60 per barrel by�the end of�the day.

The rally comes after�Russian and Saudi Arabian representatives reportedly reached consensus on�the upcoming meeting of�Organization of�the Petroleum Exporting Countries (OPEC) members and non-OPEC oil producers that due to�take place on�April 17.

Saudi Arabia agreed to�make its final decision on freezing output without�Iran's participation in�the deal, which is backtracks on�earlier statements insisting on�the Saudi decision being dependent on�Iran freezing output. Oil prices dipped below $38 per barrel for�the first time in�weeks after�the Saudi position had been voiced.

In February, the energy ministers of�Saudi Arabia, Qatar, Venezuela, and Russia agreed to�stem the fall in�oil prices by�freezing oil production at�January levels if other countries followed suit. A number of�Organization of�the Petroleum Exporting Countries (OPEC) and non-OPEC oil producers have confirmed attendance. April's meeting is set to�finalize the deal.

Global oil prices plunged from $115 to�less than $30 per barrel between�June 2014 and January 2016, hitting their lowest levels since�2003 amid�an ongoing glut in�global oil supply. The prices have since�recovered to�around $40 per barrel for�the Brent crude benchmark.

By Sputnik