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Oil buoyed again by hopes over possible Russia-OPEC meetings

Elsewhere, attentions are still on America’s over supplied market.

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Brent was up 3% at US$33.70, while WTI also gained 3% to US$30.80.

Crude oil prices moved forward again on Wednesday, again amid talk of cooperation among OPEC and non-OPEC members.

In London trading, Brent crude gained about 3% to US$33.70 while West Texas Intermediary crude was also up 3% at US$30.80 per barrel.

Comments from Russia - that it is prepared to meet with OPEC if there’s consensus among its members - provided the impetus for trading.

There remains a considerable amount of noise in the market, and much of the commentary features mixed messaging, but, there is a sense that oil producers need to see better prices.

Experts highlight that at the current levels the poorer members of the cartel are close to breaking point.

Indeed, there are reports that the International Monetary Fund and World Bank are being called upon to provide financial support to Nigeria, Angola and Azerbaijan.

Elsewhere, attentions are still on America’s over supplied market.

Tuesday’s statistics from the American Petroleum Institute showed a slightly better than expected increase in the US surplus, with an extra 3.8mln barrels were added last week.

Later today, the figures from the US Energy Department will give detail on the corresponding period, and analysts are predicting a build of about 3.5mln barrels.

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