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According to Reuters reports, Russia’s Energy Minister Alexander Novak said that Russia is ready to cooperate with the OPEC.

Novak, however, declined to comment if Moscow supports further oil output cuts.

Oil bulls stretch their muscles

Both crude benchmarks are seen extending their recovery rally, with the above comments bolstering hopes that the OPEC and its allies (OPEC+) will extend the oil output cuts, in an effort to combat the negative effect of China’s coronavirus on oil demand growth.

WTI rallies over 2% to near $51.20 while Brent jumps above $55, up 1.50% on the day.