Reuters reports that Russian Foreign minister Sergei Lavrov on Tuesday met Saudi counterpart Prince Faisal bin Farhan Al Saud and both men praised the level of cooperation inside OPEC+, the Russian foreign ministry said.

"They noted the stabilising effect that the tight cooperation between Russia and Saudi Arabia has on world markets for hydrocarbons in this strategically important sector," the ministry said in a statement.

On Tuesday, The Wall Street Journal reported that while there are no formal plans to push for OPEC to increase output, some members are planning for it.

This sent oil off a cliff:

The price is pressured within its phase of consolidation and the retest of the 38.2% Fibonacci retracement area around the highs could be all that is left in the bull's fuel tank for the immediate future, opening the risk of a fresh low of the day ahead.