Benchmark Brent prices jumped briefly through $35 a barrel after Russia and Saudi Arabia agreed to keep output at January levels, in what could be the first joint OPEC and non-OPEC deal in 15 years.
Qatari energy minister Mohammad bin Saleh al-Sada said the step would help to stabilize the oil market, which has experienced price declines not seen since the early 2000s because of a supply glut.
Brent LCOc1 was down $1 at $32.39 a barrel by 12:47 p.m. EST (1747 GMT), after rising earlier to $35.55.
NBF - Seems likely Saudi Arabia and Russia will cave completely and agree to some oil cuts in the next weeks to months
If the OPEC and Russia can agree to a production freeze then they will next likely move to production cuts in order to stabilize oil prices or move the prices higher.