Russia agrees to reduce oil output in tandem with OPEC & allies in 2019 - Reuters

Citing sources familiar with talks, Reuters reported that Russia has agreed to reduce its oil output in tandem with OPEC and its allies in 2019. "Debates about figures and baseline for cuts still ongoing," Reuters added.

On the back of these headlines, the barrel of West Texas Intermediate extended its rally and was last seen trading at $54.10, where it was up 2.85% on a daily basis.