Saudi Arabia and Russia announced on Wednesday that they would extend their voluntary oil cuts until the end of the year in a move to tighten supply to support oil prices.
Brent Crude was at $89.96 at 10am GMT on Wednesday, down from $90.77 at the beginning of the day.
The announcement from the two most powerful members of the OPEC+ group came hours before ministers from the cartel of oil-producing nations were set to meet virtually on Wednesday.
OPEC+, which includes the Organization of Petroleum Exporting Countries and oil-producing allies such as Russia, has been cutting crude output since last year in what it says is an effort to preserve the stability and balance of the market.
