Oil prices retreated from session highs on the background of the controversial news flow about the possible freezing of oil production at the end of the month.

Russia and Saudi Arabia, which control the production of more than 21% of world oil, on the margins of the G20 summit in China signed a joint statement in order to stabilize the oil market. Oil prices have soared by more than 5% in anticipation of this event. Thus, the cost of the futures on Brent crude oil rose by 5.4%, to $ 49.15 a barrel.

However, soon after the statement prices retreated from session highs. By 13:00 GMT Brent crude oil traded near $ 47.50 per barrel (+ 1.4%) and WTI futures traded at $ 45.20 (+ 2.3%).

The two world's largest oil producer intend to establish a working group for monitoring the oil market and to make recommendations to ensure its stability. It is expected that in October, Russia and Saudi Arabia to hold the first meeting of the working group on oil and gas cooperation. In addition, the ministers will hold regular meetings on the "margins" of the ministerial meeting of the International Energy Forum (IEF) in Algeria and the November meeting of the Organization of Petroleum Exporting Countries (OPEC) in Vienna.

"Investors had hoped that Russia and Saudi Arabia will manifest more specific statement on the limitation of production," - said Naeem Aslam of Think Markets.

The cost of the October futures for WTI rose to 46.53 dollars per barrel.

October futures for Brent crude rose to 49.40 dollars a barrel on the London Stock Exchange ICE Futures Europe.