Brent crude hit one-year high on Saudi-Russia oil pledge Prices should be determined by supply and demand: IEA’s Birol Crude prices of $60 a barrel would probably trigger a strong increase in North American oil production while trimming global demand growth, the head of the International Energy Agency said. Brent crude reached a one-year high of $53.73 a barrel in London on Monday after Saudi Arabia and Russia, the world’s two largest crude producers, pledged a joint effort to limit output to counter a global glut and prop up prices. “We may well see, in a short period of time, strong production growth coming from North America and elsewhere,” IEA Executive Director Fatih Birol said Tuesday in a Bloomberg TV interview. “Prices around $60 would be sufficient.” Many oil producers are facing “serious challenges” to their economies due to lower prices, Birol said. Benchmark Brent crude slid from more […]