Oil prices regained 32 dollar per barrel yesterday. Vague talk of a possible joint production cut with Russia and OPEC is causing rise in price, said CMC Markets analyst Jasper Lawler. Traders are also watching the dollar ahead of the U.S. Federal Reserve policy meeting that started yesterday. The strength of the dollar has pressured oil, making fuel more expensive for countries using other currencies. Stocks also rebounded yesterday on hopes that oil producers would cut output to address the supply glut. However, the Kuwaiti and Iraqi oil ministers declared yesterday that OPEC will not cut production unless producers outside the cartel do the same. In rollercoaster trade last week, oil briefly plunged to 12-year lows under 27 dollar per barrel. However oil bounced higher on Friday on hopes that more possible stimulus measures in the eurozone and Japan would perk up demand.