Russia's President Putin says it is ready to join a proposed freeze of oil output by OPEC members but did not say at what level it would cap output.
European stock markets are suffering a nervous Monday as investors sold off energy company and bank shares - with Deutsche Bank the biggest loser.
In this edition of Business Line we look at the chances of OPEC and non-member producers, including Russia, reaching an agreement on limiting oil production.
Oil prices jumped on Monday after Venezuela's President Nicolas Maduro said OPEC and non-OPEC countries are close to reaching a deal to stabilise markets.
Saudi Arabia and Russia have agreed to cooperate over oil, with a task force to recommend measures and actions, but no immediate action by the world's two top producers.
Crude oil prices have slipped back after hitting an eight-week high following their longest run of gains in four years in the belief that a limit on output will not be agreed by producers.
OPEC has failed to agree on limiting output which would have boosted the price of crude but Saudi Arabia promised not to flood the oil market with extra barrels.