Oil prices rallied more than 12 percent Friday on renewed prospects for an output cut among the world's oil producers, but analysts and market watchers told CNBC that traders shouldn't hold out hope.
Crude prices spiked Thursday afternoon after UAE Energy Minister Suhail bin Mohammed al-Mazrouei said consensus was forming within OPEC that it was time to discuss cuts with nonmembers. He also said current low prices had forced some members to cap production.
Michael Cohen, Barclays head of energy commodities research, said he was not moved by the latest news, which follows a string of similar comments from oil ministers and petroleum executives in recent weeks.
"We think it's a lot of false hope. Basically what's been happening over the last month is, as the market's gotten increasingly short, anytime that we see these kinds of headlines, they result in this kind of rapid change in the price," he told CNBC's "Squawk on the Street" on Friday.
Cohen said there was simply too much distrust between de facto OPEC leader and top oil exporter Saudi Arabia and No. 1 producer Russia, which he noted has agreed to cuts in the past, but has only enacted very small ones in reality.