The likelihood of a freeze in the oil market prices will now be possible after Russian Energy Minister Alexander Novak stated that Russia will now be cooperating with Saudi Arabia to achieve the stabilization of the international oil market.

This news, however, has sparked oil prices from different parts of the globe to suddenly rise. A price of $47.61 per barrel was reached by North Sea benchmark Brent this Monday and a trading of above $45 per barrel from the US WTI. The West Texas Intermediate crude rose to 1.4% to $45.12 a barrel.