11.03.202010:26:00UTC+00Oil Prices Tumble Again

Oil prices tumbled again on Wednesday after showing signs of much needed stability in early trade on hopes that U.S. producers will cut output.

Benchmark Brent crude tumbled 3.2 percent to $36.03 a barrel, while U.S. West Texas Intermediate (WTI ) crude futures were down 3.4 percent at $33.19 a barrel.

Oil prices reversed early gains after energy titan Saudi Aramco said it plans to raise its output capacity to 13 million barrels a day.

"Saudi Aramco announces that it received a directive from the ministry of energy to increase its maximum sustainable capacity from 12 million bpd to 13 bpd," the company said in a statement to the Saudi Stock Exchange.

The move came after Russian Energy Minister Alexander Novak told state-run TV channel Rossiya 24 that Moscow was open to cooperation with the Saudis and OPEC to address the price crisis, saying: "I want to say the doors aren't closed."