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Hint Russia May Work With OPEC Sends Oil Prices Soaring

Oil prices jumped in world markets October 5 after Russia's energy minister over the weekend said Russia might attend an OPEC meeting to discuss the depressed state of oil prices.

Russian Energy Minister Alexander Novak told the Sochi-2015 international investment forum October 3 that Russia and the Organization of the Petroleum Exporting Countries might organize a meeting between technical specialists.

"Russia is ready to participate in discussing the situation emerging in the oil and gas markets," he said.

It would be a first for Russia, which as one of the world's top three oil producers has never joined or cooperated with the price-setting cartel. But today's depressed oil prices have been crushing Russia's economy and government revenues.

Novak's remarks sent oil prices soaring by 2.3 percent in London trading, with Brent crude settling up at $49.25 a barrel.

"The news provided strong upside momentum in the oil market, as Russia has been thus far unwilling to cut oil production and cooperate with OPEC members to support current low crude oil prices," said Myrto Sokou, analyst at Sucden Financial Research.

Based on reporting by Reuters and TASS