Russian oil minister Novak is crossing on the wires and discussing the proposed OPEC/Non-OPEC meeting. He said Russia is ready to meet in any format. He clarified that the meeting is meant for energy ministers and that no firm agreement have been reached. Oil has continued to gain on the comments and WTI crude is above $33 now. OPEC and other oil producers are doing a great job of jawboning at the moment. They can even have a meeting and get some 'pledges' but there's no way that anyone is going to cut production. USD/CAD is under pressure and testing 1.40. (full story)