Brent crude futures gained 0.63% to trade at $54.72 a barrel while the WTI futures rallied by 0.61% to trade at $51.14 a barrel.
Both crude oil benchmarks remained above the $40-mark.
Saudi's made the biggest price cuts on its crude grades since May as demand recovery for fuel hopes faded.
They talked on “ways of cooperation to enhance the stability “ of the Crude market.
OPEC has been regarded as a cartel and has acted as a cartel of late.
Russia has always been the black sheep in the OPEC+ family as they tend to ever deviate from consensual commitment concerning the oil market.
Although the energy industry provides more than 10 million jobs with almost 8% of the country’s GDP, the US is less dependent on oil compared to...
"This reduction in production provided excellent optics encouraging other OPEC + members to comply and even offer additional voluntary cuts, which should quicken the global oil...
Minister of State for Petroleum, Timipre Sylva said the Organization of OPEC and non-OPEC countries would meet over production cut.
Oil prices spiked on Tuesday, erasing earlier losses after the U.S President Donald Trump disclosed that he would meet with the Chinese President Xi Jinping at...