The price of oil jumped after Russia and Saudi Arabia agreed to discuss ways to stabilise the oil market.
The announcement was made by the countries' energy ministers, Alexander Novak and Khalid al-Falih.
The price of Brent crude initially jumped by 5% but then fell to to stand 1.6% higher at $47.56 a barrel.
A statement said the plan was to support the "stability of the oil market ... ensuring a stable level of investment in the long term".
At the start of 2016 the price of oil fell to its lowest level in nearly 13 years due to a production glut and is still far below the $110 a barrel price hit just two years ago.