Oil trims early gains, hovers above $45/bbl

Oil prices pulled back from early highs, trimming intraday gains, as investors seemed disappointed over Saudi-Russia statement.

Crude oil for October delivery was up 2.31% to trade at $45.17 a barrel after soaring more than 5% to a session high of $46.53.

Crude prices were lifted by reports that Saudi Arabia and Russia were planning to cooperate on stabilizing oil markets. However, prices gave back some gains amid disappointment over the details of the agreement.

Russian energy minister Alexander Novak said that Russia and Saudi Arabia have agreed on joint actions on oil markets, noting that there are specific instruments for stabilization, including a production freeze.