Russian comments ignite false hopes in oil market

London

FOR a few minutes, at least, there was a glimmer of hope for the world's struggling oil producers.

After months of opposing any production cuts, Russia said on Thursday it would be willing to discuss output levels with Opec - opening the door for a deal with Saudi Arabia to revive oil prices hovering at US$30 a barrel.

Brent crude, the global benchmark, surged almost 8 per cent to US$35.84 a barrel almost immediately. But the joy for oil producers - and some traders - was short-lived, and the price slid back to US$34. Within minutes, Opec delegates said they knew nothing about a poten…