If reports are to be believed a new cartel - of sorts - is forming and it could help prop up the oil market.
A number of major oil producing nations comprising both OPEC and non-OPEC members - including Russia and Saudi Arabia – are in consultations over the state of the market, according to press reports.
It is believed that co-operation could help address the oversupply in the crude market, which could in turn boost prices.
Separately, OPEC secretary-general Abdalla Salem el-Badri has today said that global investment in oil projects would be cut by a fifth during 2015 to around US$521bn.
He says there will be less supply in the “very near future”.
In London trading, Brent Crude was back above US$50 per barrel after rising more than 2% on Tuesday, while West Texas Intermediary futures advanced 4.9% to settle at US$48.53 per barrel.
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