Investing.com - Top global oil exporters including Russia and Saudi Arabia agreed on Tuesday to freeze output to tackle a global glut but said the deal was contingent on other producers, with Iran absent from the meeting and planning to ramp up shipments.
The Saudi, Russian, Qatari and Venezuelan oil ministers held talks in Doha on joint action to help prices recover from their lowest in more than a decade.
Venezuela's Oil Minister Eulogio Del Pino said more talks would take place with Iran and Iraq on Wednesday.
Crude prices rose to $31.44 per barrel, before paring back gains to $29.78 as expectations for an immediate deal faded.
Brent oil hit highs of $35.54 before pulling back to $33.81 at 11.53 GMT.