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.