Crude prices were higher Monday but pared gains shortly after a joint statement from Saudi Arabia and Russia that saw the two call for cooperation to support oil markets.
London Brent crude for November delivery was over 3 percent higher at $48.55 per barrel, settling up $1.38 on Friday. Trading in U.S. crude is likely to be limited on Monday because of the U.S. Labor Day holiday.
Oil rallied on the news that top oil producers Saudi Arabia and Russia were due to make a joint statement during the G-20 summit in China calling for cooperation to support oil markets. However, the price of the commodity pared gains as the announcement was made. The Russian energy minister said that the two countries had moved to a strategic energy partnership and were looking at ways to stabilize the market.