Brent surges to one-year high on Putin's statements

Brent crude widened its gains in American trade and hovered above $53 for the first time in a year after Russian president Vladimir Putin's comments on his country's readiness to join the production deal of OPEC. 

As of 13:40 GMT, Brent rose to $53.10 a barrel from the opening of $51.62, with an intraday high at $53.20, the highest since October 9, 20015, and a low at 51.29. 

Brent December futures lost 1.9% last Friday, snapping the longest winning streak this year, which lasted for seven sessions.

Russian president Putin said his country is ready to join in the deal to freeze or even cut production in accordance with OPEC. 

Putin said on Monday in Istanbul he loped that OPEC would reach a deal on production by November and asserted his country would support the deal. 

Markets are eyeing an informal meeting on the sides of the international energy conference being held currently in Istanbul, with OPEC expected to confer with outside producers like Russia. 

In Algeria, OPEC reached a deal to cut production by 700,000 barrels for the first time in eight years, with suggestions of other producers cutting another half a million bpd, with a total global reduction of 1.2 million bpd.