Oil surged as much as 8 percent to above $35 per barrel on Thursday, hitting a three-week high and bouncing sharply away from a 12-year low set this month, as expectations built that major producers may cooperate to cut output.
Oil is up around 30 percent from its lowest since 2003 set earlier in January. Gains have gathered pace this week on speculation that Russia and OPEC may agree to reduce production.
Russian Energy Minister Alexander Novak said Saudi Arabia had proposed to cut oil production by up to 5 percent by each country in order to support weak prices.
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