The price of Brent crude oil, the global benchmark, reclaimed the $50/bbl level in trading on Tuesday for the first time in two weeks on speculation that global producers may soon be acting in cooperation to help support oil prices. The massive supply glut that has crushed oil prices over the past year has so far been worsened by OPEC’s refusal to dial back production in an attempt to maintain and even re-gain market share that it has lost to U.S. shale producers in recent years.

Change Of Heart?

Just last week, Russia’s energy minister met with Saudi Arabian officials to discuss the oil market, and the two nations reportedly will continue a dialogue on the topic.

As Reuters reported, OPEC Secretary-General Abdullah el-Badri also recently indicated at a London conference that OPEC and non-OPEC producers should work together to eliminate the supply glut that is weighing on global oil prices.

Headed In The Right Direction

According to el-Badri, OPEC already sees…

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