Reuters | Oil slips towards $47 as hopes for producer action wane Reuters LONDON Oil slipped towards $47 a barrel on Tuesday, falling further from the previous session's one-week high on receding hopes for imminent action to tackle a supply glut. Saudi Arabia and Russia agreed on Monday to cooperate in world oil markets. Oil price jumps on Russian and Saudi plans Don't be so quick to dismiss 'meaningful' Saudi-Russia oil deal: RBC's Croft Russia and Saudi Arabia pledge to curb 'excessive volatility' in oil market |