Oil prices pulled back Tuesday after the monthly report from the Paris-based International Energy Agency said global supplies rose in September. The December contract for global crude benchmark Brent was down 0.9% at $52.68 a barrel while its U.S. counterpart West Texas Intermediate fell 0.8% to $50.95 for November deliveries. The IEA said global oil supply hit 97.2 million barrels a day in September, up 600,000 barrels a day compared to August, and 200,000 b/d higher year-on-year. The majority of the rise came from Russia which output rose by 400,000 b/d to a post-Soviet high of 11.1 million b/d. The data came 24 hours after Russian President Vladimir Putin told a conference in Istanbul that his country was prepared to freeze or cut production to help stabilize oil markets. His comments sent Brent to a 2016 high of $53.73 during yesterday’s trading. Bjarne Schieldrop from Sweden’s SEB bank said […]