The head of Rosneft floated the idea of an output cut by oil-producing countries to prop up sagging prices but fell short of saying whether Moscow take part.
Oil prices rose sharply in Asian trade on Wednesday on glimmers of hope of a producer cut-back and after a steep sell-off overnight.
Oil prices slipped Monday as supply concerns grew after a Saudi-Venezuela meeting showed few signs of coordination to boost prices.
CNBC's Jackie DeAngelis discusses the day's activity in the commodities markets.
Early signs of capitulation by oil producers could mean a bottom is getting closer.
Some experts think Russia is the key to resolving the oil glut with OPEC. CNBC's Dina Gusovsky reports on Russia as the oil 'wild card.'
Most Asian markets closed up on Thursday, following a mostly higher finish on Wall Street overnight amid an oil price surge.
Oil prices are up sharply in Asian hours as the dollar index hit a seven-week low and on rumors about a possible supply deal.
Oil and the dollar could be keys to Thursday's trading, after the dynamic duo sent markets on a wild ride Wednesday.
Oil prices jumped 8 percent higher, snapping a two-day rout, after investors took advantage of a weaker U.S. dollar.
The odds of a U.S. recession this year have risen to 40 percent, according to Deutsche Bank's chief U.S. economist, Joseph LaVorgna.
Stressed-out markets will get a look Wednesday at the health of the U.S. services sector.
Asian stocks closed sharply lower on Wednesday, after Wall Street sold off as much as 2 percent overnight amid a plunge in oil prices.
U.S. oil futures extended losses after data from the American Petroleum Institute showed a 3.8 million inventory build.
Amrita Sen, chief oil analyst at Energy Aspects Ltd, says the correlation between oil and stock prices is an unhealthy situation.
Asia markets closed mostly lower on Tuesday, weighed by declines in the energy sector as oil prices continued to tumble.
The outcome of the Iowa caucuses could impact market sentiment, as traders watch big oil earnings and car sales Tuesday.
U.S. crude closed nearly 6 percent as weak economic data from China and an OPEC source undermined chances of an emergency meeting to stem the decline.
Oil prices are set to rally in the second half to $85 a barrel, according to Cornerstone Analytics president Michael Rothman.
Asia markets closed mixed, with indexes in Australia, Japan and Korea extending Friday's gains on the back of the BOJ's surprise rate move.