Top oil producers Saudi Arabia and Russia made a joint statement at the G-20 summit in China on Monday aimed at stabilizing crude prices, media reports said.
Russia and Saudi Arabia recognize the need to contain excess volatility in the market, the statement said, according to Russian news agency Interfax.
The two countries will form a working group to monitor the market and draft recommendations to stabilize oil prices and ensure steady investment in the industry, Interfax said. The group will meet for the first time next month.
Crude oil futures rallied heavily in the build-up to the announcement and pared back slightly afterward. WTI futures for October remained over 3 percent higher on the day, however, at a little under $46 per barrel.