19:14 GMT24 January 2021
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    Earlier, Brent and WTI oil futures rose by roughly 10 percent, trading at approximately $27 and $22 per barrel, on the back of Trump's comments.

    The cost of June Brent crude oil futures on the London ICE exchange accelerated a decline which began the day before and reached the level of $28.4 per barrel, which is 5.1% lower than the previous session.

    The price of WTI is down 5.13% to $24.02 per barrel.

    ​Global oil prices had collapsed amid the output hike, although these began trending upwards after US President Donald Trump said that Russia and Saudi Arabia would soon agree on market-regulating measures.

    oil price, Brent, oil
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