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Bloomberg
Oil held near $54 a barrel after Saudi Arabia said it would work with Russia and other members of the Opec+ coalition to prevent a slump in prices.
Futures were little changed in New York, after rising 2.7 percent. Saudi Energy Minister Khalid Al-Falih said oil producers would take “preventive steps†to stop prices from diving, after meeting with his Russian counterpart in Moscow.
The energy ministers of both countries may be in Japan for the Group of 20 summit this month, providing “an opportunity to further calibrate our positions,†Al-Falih said in an interview with Russian news service Tass. The countries have so far stopped short of making any specific commitments on output volumes once the current Opec+ agreement expires at the end of June.
Meanwhile in the US, working rigs fell to the lowest level since early 2018, Baker Hughes data showed.
US crude has fallen about 18 percent from a peak in late April and volatility has jumped as deteriorating US-China trade relations cast a pall over the global growth outlook. Nevertheless, efforts by the Organisation of Petroleum Exporting Countries and its allies to present a united front have helped restore some stability, while risk assets rallied on Monday after US President Donald Trump decided not to impose tariffs on Mexico.