Global oil prices saw their biggest one-day gain since 2009 on 12 February 2016 with West Texas Intermediate (WTI) crude oil rising 11.5 per cent to $29.23.

Brent crude rose by 10.1 per cent to $33.09.

The surge came after UAE energy minister Suhail al-Mazroui told the US daily the Wall Street Journal that Opec was willing to cooperate with other producers on cutting production.

On 11 February WTI settled at $26.21 a barrel, its lowest close since May 2003.