Brent price soared up 5% just short of $32 per barrel mark, while WTI trades under $28 per barrel after it hit a 12½-year low of $26 per barrel in its previous session. Signs of relief are seen in the markets as OPEC and some non-OPEC countries are likely to agree on oil production limits.

United Arab Emirates energy minister said that OPEC countries were ready to make coordinated cuts to oil production, according to the Wall Street Journal. The country usually agrees on its oil policy with Saudi Arabia.

Yesterday, Venezuela recommended that the OPEC and non-OPEC countries should hold its output at its current level; however, this move is unlikely to address the oversupply problem right away but would have some effect in the medium term. Saudi Arabia has also shown similar interest to such proposal.