On Thursday, oil price got energized and rose as much as 8%, after Russia's energy minister Alexander Novak told journalists that Russia is ready to take part in a meeting with OPEC members in February. Market read it as Russia ready to cut production, more so after Russia's second largest producer Lukoil indicated that it is ready for cooperation.

However, Russia's largest oil producer, state owned Rosneft poured cold water over such speculations. According to Mikhail Leontyev, Rosneft's spokesperson, nothing new has happened regarding production cut. "Consultations with Opec happen all the time. All positions are well known, they have not changed in any way". He also said that everything is possible in theory. It was possible a year ago, a month ago.

According to him, Venezuela has approached Russia about a meeting, which Russia has agreed to attend and discuss production cut but internally it hasn't even discussed the possibility of such a cut.

Oil price (WTI), however showing some signs of greater pullback, and recent correction might reach as high as $40-42/barrel.

WTI is currently trading at $33.8/barrel and Brent at $35.4/barrel.