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2016-03-03 19:10:00

OIL PRICE UP: $34

OIL PRICE UP: $34

Light, sweet crude oil prices on the New York market gained modestly to settle above $34/bbl on Mar. 1, and Russia state news agency TASS reported Russia's Energy Minister Alexander Novak said a "critical mass" of oil-producing countries had agreed to freeze oil production.

Novak said countries producing 73% of the world's oil have agreed to the tentative deal, TASS reported.

Russia, Saudi Arabia, Venezuela, and Qatar announced in February that they were willing to freeze production at January levels provided other countries also adopt the freeze. Another meeting of producers is scheduled for mid-March, Russia…

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