Oil price jumps as Russia hints at production cuts

Price of oil temporarily leaps 8% as Russian energy minister says February discussions with Opec members will address topic of production cuts

The price of oil jumped 8% at one stage on Thursday after Russian officials said they would discuss production cuts with Saudi Arabia and other Organisation of Petroleum Exporting Countries (Opec) at a meeting next month.

Brent blend almost hit $36 per barrel before sinking back to just over $34 as Saudi sources played down suggestions it had already considered reining in crude volumes.