Markets see some new signs that OPEC and some non-OPEC countries could perhaps agree on production limits after all. Igor Sechin, CEO of Rosneft - the largest Russian oil corporation spoke out in favour of a coordinated production cut of 1 million barrels per day, though he did not confirm whether Russia would be involved in any such cut.

We have also seen proposal from Venezuela yesterday that OPEC and non-OPEC producers should at least freeze output at the current level. This may not eliminate the oil supply glut immediately, but would  at least do so in the medium term. Saudi Arabia has shown itself open to such a proposal, subject to the condition that Iran does not step up its production. Wall Street Journal quotes UAE energy minister as saying "OPEC countries were ready to make coordinated production cuts."

"We remain sceptical about whether any agreement on coordinated production cuts will be reached." said Commerzbank in a research note.