Oil extends gains to near $52.00/bbl

Oil prices rose sharply on Monday, nearing 2016 highs struck in June, after Russian President Vladimir Putin said the country is ready to join the recent deal between OPEC and non-OPEC countries to limit the crude oil supply.

Oil rose more than 3% to a peak of $51.98 a barrel, last seen in June. It was last trading at $51.65 a barrel, still up 3.4% on the day. 

Putin's comments came after Saudi Arabia's Energy Minister Khalid al-Falih said he was optimistic a production deal could be reached by November and that a 20% rally in crude prices to $60 a barrel was “not unthinkable.”

OPEC members are scheduled to meet November 30 in Vienna to discuss the details of an agreement to cut output to 32.5-33 million barrels per day.