OPEC+ is due to meet in late June or early July to decide whether to extend the pact.
Yesterday's bullish attempt has met a swift response and the oil price powerfully reversed lower.
Supporting oil prices on Tuesday was optimism that the Organization of the Petroleum Exporting Countries and other producers such as Russian Federation would extend an output cut deal that has been in place since the beginning of the year to prop up prices.
Saudi Arabia's Minister of Energy, Industry and Mineral Resources Khalid Al-Falih believes that the benefit of participation in OPEC+ is obvious.
On Friday at an economic forum in the Russian capital of Moscow Mr Al Falih said a rollover of cuts "was nearly in the bag".
The G-20 ministerial meeting on energy is scheduled for June 15-16 in Nagano, while the final leaders' summit will take place on June 28-29 in Osaka.
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Rig counts in the USA, an indicator of upstream investment activity, also fell to their lowest since February, pushing the West Texas Intermediate to above $54 per barrel.
Never the less, despite Monday's (June 10th) rally traders still remained cautious over the health of a contracting global economy, which had pulled the plug off of a further bull-run of crude oil despite a considerable extent of production cut.
Oil prices climbed 35% in the first four months of the year as OPEC reined in output while countries from Iran to Venezuela suffered involuntary cutbacks in supply.
Almost all of OPEC's 24 members is on board with a rollover of the production agreement, except for Russia, which has been wavering over how much output it was willing to cut, Saudi Energy Minister Falih says, adding that "the current status of the global oil markets, which are volatile once again, makes Saudi-Russian cooperation all the more important".
The OPEC plus Russian Federation production agreement has helped rescue low oil prices, which collapsed to around $30 a barrel in 2016. President Vladimir Putin has shown he's reluctant to walk away from the agreement, which also ensures his political partnership with Saudi Arabia as economic ties tighten.
The agreement between Russian Federation and Saudi Arabia - two of the world's biggest oil producers - helped strengthen relations between the two countries, which previously had a relatively frosty relationship.