Oil prices were mixed Tuesday after a volatile session the day before triggered by hopes for a production freeze agreement from major producers. The November contract for global crude benchmark Brent was down 0.63% at $47.33 while its U.S. counterpart West Texas Intermediate was up 1.25% at $45.02 for October deliveries. Brent spiked by over 5% briefly on Monday morning fueled by the hope that Russia and Saudi Arabia were going to announce a joint initiative that would freeze or reduce output from the world’s two largest oil producers. However, the two countries made only vague promises of greater cooperation. “I think yesterday’s lack of an agreement puts paid to any hopes that a production freeze is going to happen,” Edward Bell, an analyst at the Dubai-based Emirates NBD bank said. “Everyone is just going to have to accept that oil is lodged in the $45-$50 a barrel bracket […]