Possible Cooperation between Russia and OPEC.

U.S crude settled up more than 21 percent above a multi-year closing low hit last week as Russia said it was discussing the possibility of co-operation with OPEC, fanning hopes that a deal was in the works to reduce oversupply that sent prices the lowest levels in a dozen years.

Oil futures briefly pared gains, falling in tandem with stock markets after the Federal Reserve left interest rates unchanged on Wednesday, but recovered heading into U.S. crude’s settle.

The Fed’s policy making committee said it was monitoring heightened market volatility, but noted that labor conditions are improving, asserted inflation will tick up, and reiterated its belief that the energy price plunge is “transitory.”

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