Investing.com – Oil jumped Monday after Saudi Arabia and Russia agreed to cooperate to stabilize the market.
U.S. crude was up $1.48, or 3.35%, at $45.63 at 06:45 ET after a high of $46.53. Brent crude added 2.78% to $48.13.
Russia and Saudi Monday signed a cooperation accord on production at the G-20 summit in China.
Russian Energy Minister Alexander Novak described the accord as an “historic moment,” Interfax News reported.
Major producers are due to hold an informal meeting later this month in Algeria.
The U.S markets are closed Monday for the Labor Day holiday.
The market was reassessing the chances of a U.S. rate cut this year after weaker-than expected jobs data on Friday.
The dollar index was down 0.2%. A weaker dollar underpins demand for oil.