Russia and Saudi Arabia confirmed on Monday that they had agreed to cooperate to stabilize the oil market and limit output, although experts largely dismissed the statement from the two major oil producers as “lip service.” Crude oil prices initially jumped on the news, but pared gains later during Europe’s session. U.S. crude futures touched highs of $46.53, while Brent futures hit a session high of $49.40 Monday, a peak since August 30, Reuters reported.To subscribe please click here