Oil prices jumped on Friday on prospects of a co-ordinated production cut sparked by comments from the energy minister of Opec member United Arab Emirates.
Still, analysts said such a move remained unlikely and
Some Opec countries are trying to achieve a consensus among the group and key non-members for an oil production "freeze", sources familiar with the discussions say, in an attempt to tackle the global glut without cutting supply.
The Organization of the Petroleum Exporting Countries (Opec) pointed to a larger oil supply surplus on the world market this year than previously thought as Saudi Arabia and other members pump more oil, making up for losses in non-member produ
The head of Russian state-run oil company Rosneft on Wednesday floated the idea of a coordinated output cut by major oil-producing countries to prop up sagging prices but fell short of saying whether Moscow would contribute to such a plan.
Oil rose towards $31 a barrel on Wednesday after four days of declines, supported by the prospect of Opec and rival producers cooperating to tackle a supply glut that has sent prices to a 12-year low.
Iran's oil minister said
The world will store unwanted oil for most of 2016 as declines in US output take time and Opec is unlikely to cut a deal with other producers to reduce ballooning output, the International Energy Agency said.
The agency, which coo
Asian share markets were scorched on Tuesday as stability concerns put a torch to European bank stocks and sent investors stampeding to only the safest of safe haven assets.
As fear overwhelmed greed, yields on longer-term Japanes
Crude oil prices jumped as much as 2 per cent in early Asian trade on Tuesday, shrugging off big drops in Japan's stock market and eroding some of the previous session's losses that were driven by festering concerns about global oversupp
Crude oil futures were mixed in early Asian trade on Monday after a meeting between Opec producers Saudi Arabia and Venezuela to discuss coordination on prices ended with few signs there would be steps taken to boost prices.
Saudi Arabia's oil minister Ali Al-Naimi discussed cooperation between Opec members and other oil producers to stabilise the global oil market with his Venezuelan counterpart, state news agency SPA reported.