Oil prices surge as Putin says Russia ready to support OPEC production freeze or even cut — Oil prices surged over a dollar after Putin’s speech. The North Sea benchmark Brent was trading at over $53 per barrel, rebounding from Monday morning losses. The US benchmark West Texas Intermediate reached $51 per barrel. Oil producing countries want to reduce the global glut of an estimated 1.0 million to 1.5 million barrels per day (bpd). On September 28, OPEC agreed to curb production by 700,000 bpd : Business

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