Investing.com - Oil prices rebounded from earlier losses to spike higher on Monday, after Saudi Arabia said it is prepared to use all measures necessary to ensure a stable oil market.
The world's biggest producer said it is ready to cooperate with OPEC and non-OPEC producers in order to stabilize prices.
Brent oil tacked on 1.55% to trade at $45.35 a barrel at 7.39 AM Eastern Time.
Prices tumbled more than 2% earlier, to lows of $43.59 amid ongoing concerns over a global supply glut.
U.S. crude prices rose to $42.16 a barrel on the New York Mercantile Exchange, after being down by as much as 3.5% earlier.
The oil market has been on the defensive in recent months amid uncertainty about how quickly the global glut of crude is set to shrink.