Omar Marques | Anadolu Agency | Getty Images
International benchmark Brent crude traded at $37.45 Tuesday morning, up over 8%, while U.S. West Texas Intermediate (WTI) stood at $34.05, around 9% higher.
It comes after Brent and WTI both dropped 24% on Monday, sinking to more than four-year lows.
The moves follow a breakdown in talks between the kingpin of oil-producing group OPEC, Saudi Arabia, and non-OPEC member Russia late last week.
Speaking to reporters Tuesday, Russian Energy Minister Alexander Novak said that Moscow had not ruled out measures with OPEC to stabilize oil markets, according to Interfax news agency.
Russia’s energy ministry has proposed to hold a meeting with Russian oil companies on Wednesday, Reuters reported, citing two unnamed sources.
They are expected to discuss whether to prolong Russia’s alliance with OPEC.
How did we get here?
The meeting concluded with no directive about the production cuts that are currently set to expire at the end of the month.
In response, Saudi Arabia announced massive discounts to its official selling prices for April, with state-owned oil giant Saudi Aramco expected to ramp up production.