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Oil spikes as Saudi Arabia, Russia agree to oil market cooperation

Top oil producers Saudi Arabia and Russia made a joint statement at the G-20 summit in China on Monday aimed at stabilizing crude prices, media reports said.

Russia and Saudi Arabia recognize the need to contain excess volatility in the market, the statement said, according to Russian news agency Interfax.

The two countries will form a working group to monitor the market and draft recommendations to stabilize oil prices, Interfax said. The group will meet for the first time next month.

Russia and Saudi Arabia have also agreed to collaborate to implement new...