Oil prices shot up after Russia indicated there was a possibility of co-operation with OPEC, fanning hopes for a deal to reduce a global oversupply that sent prices to the lowest levels in over a dozen years last week. A statement from Russia's energy ministry said that they would be willing to speak with OPEC, moments after the head of Russia's pipeline monopoly said officials have decided they should talk to Saudi Arabia and other OPEC members about output cuts. The top non-OPEC producer, Russia has in the past been unwilling to cut oil output, as it battles for market share with OPEC output leader Saudi Arabia.
Crude fell in Asia trade Thursday as the market shifted attention back to oversupply concerns, after prices were briefly supported by speculation that large producers may be inching closer to a collective cut.
But falls were curbed by a weaker dollar following the Federal Reserve's decision to keep its overnight interest rate unchanged and the release of a statement suggesting concern about global events had diminished but not squashed chances of a rate hike in March.
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