Oil Prices and Sergei Lavrov

: Key points Oil prices rally by between 8-9 per cent Energy stocks lead US S&P 500 index 0.5 per cent higher Australian dollar rises to 71.8 US cents on US dollar weakness Oil prices rallied 8 per cent, snapping a two-day rout with investors taking advantage of a weaker US dollar, according to Australian Broadcasting Corporation. West Texas crude bounced 8 per cent to $US32.24 a barrel. Related Story: $34b wiped off market as share rout deepens Map: United States Wall Street bounced back from the red in late trade, clawing back losses as energy shares climbed on the back of a jump in oil prices. Investors were hopeful after comments from Russia foreign minister, Sergei Lavrov, who said the major producer would be willing to meet to discuss reducing oil output if there is consensus between members of the Organisation of the Petroleum Exporting Council and non-OPEC members to meet. The Dow Jones Industrial Average climbed 1.1 per cent to 16,337. Players in the market remain jittery, however, after US data showed the economy service sector expanded at a slower-than-expected rate in January. (news.financializer.com). As reported in the news.