NEW YORK (AP) -- Oil prices spiked 11 percent Thursday as rumors swirled that Russia, which vies with Saudi Arabia as the world's largest oil producer, would join OPEC in slashing crude production.
Benchmark crude for April delivery jumped $4.70 to settle at $47.03 a barrel on the New York Mercantile Exchange. In London, Brent prices gained $3.69 to settle at $44.88 on the ICE Futures exchange.
Rachel Ziemba, an analyst for RGE Monitor said investors latched onto reports that Russian Vice Premier Igor Sechin would attend an OPEC meeting Sunday in Vienna. Russia has flirted with OPEC before, and investors snapped up crude stocks on the expectation that it would form a pact to cut oil production to balance weakening global demand.
"It's unlikely that Russia will join OPEC," said Ziemba, who focuses on Russia and other major oil exporters. "But in this environment, people are looking for reasons to send oil prices up."
Crude prices struck five-year lows recently, and many believe they've hit bottom. more...
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