The oil market was showing signs of hope on Wednesday as Brent crude futures lifted over US$40 a barrel.
Fuelling the optimism is chatter that the biggest exporters may soon freeze production, putting paid to the worst glut problem for many years.
Stockpiles of crude have been building to the point the globe has been awash with unwanted oil.
Reuters reported that an Iraqi oil official had told state newspaper Al-Sabah that producers in and outside of OPEC plan to meet in Moscow on March 20 to discuss the output cut, though Russia's energy ministry said no date or place had been set.
Brent crude for May delivery was up 2.099% at US$40.49 a barrel, while West Texas Intermediate (WTI) futures for April delivery were up 1.961% to US$37.23 each.
Spot US crude is trading up 2.03% to US$37.22.
Oil's descent over the last year has been big news. In mid 2014 it was around the US$110 mark.
But some analysts reckon the bottom may have been reached. Prices have risen about a quarter since the middle of last month since Saudi, Qatar, Venezuela and non-OPEC exporter Russia said they would leave supply at January's levels if there was enough support from other producers.
Significant company movers:
Cairn Energy (LON:CNE), up 9.14% to 185.10p.
Gulfsands Petroleum (LON:GPX), up 13.79% to 4.12p.
Regal Petroleum (LON:RPT), up 2.53% to 2.69p.