Last night European stocks closed at their highest level since early January led by the oil & gas sector which rallied 1.2%. The local energy stocks should have the ability to add to Mondays modest gains, but nothing is certain in this choppy market. As most readers will know, Saudi Arabia made a decision in 2014 to pump more oil in an attempt to depress energy prices and subsequently damage the growing US shale gas industry. They did manage to smash the oil price but not the shale industry - again market manipulation fails. Yesterday Russia and Saudi Arabia met to discuss ways of stabilising/increasing the current oil price. They are two of the world’s largest global oil producers, making up around ~40% of supply, which strongly implies that they can influence the short-term price of oil. While the most recent meeting fell short of producing a freeze on output their intentions feel clear - oil closed up 1.6% after surging 4.7% at one stage.