West Texas Intermediate futures for March delivery rose to $33.89 (+2.02%), while Brent crude jumped to $35.83 (+5.83%) amid speculation that oil producers will discuss output cuts in order to support prices. However analysts say that a deal between producers is unlike and fundamentals will most probably weaken further.

Yesterday Russian officials said that Saudi Arabia had proposed oil production cuts of up to 5%. However analysts say that even if this happens it would not be enough to bring the market back to balance.