While Russia may be happier with a lower oil price than Saudi Arabia, the OPEC+ accord has boosted its federal budget amid higher prices for energy commodities.
"With China slowing, the European Union sickly and the United States data starting to wobble, an economic downturn remains a clear and present danger", said Stephen Innes, managing partner at Vanguard Markets.
However, traders said concerns about the health of the global economy and the impact on fuel demand were still weighing on oil market sentiment.
The EIA on Tuesday cut its forecasts for 2019 world oil demand growth and US crude production.
Earlier, Russian Finance Minister Anton Siluanov said that the price of oil could drop to $30 a barrel if OPEC and its partners fail to agree on extending the production cuts that now expire at the end of June.
Russian Federation has been under pressure from its domestic oil firms to let them pump more. "We are working to take preventative steps to avoid the scenario that was discussed", Falih said regarding the prospects of prices falling to $30 a barrel, in translated comments.
"The fact that this surplus has been mounting during the past couple of months despite a near record pace of exports in recent weeks is not only suggesting weak demand from the refiners but also a much stronger pace of imports than we had anticipated", Jim Ritterbusch of Ritterbusch and Associates said in a note.
OPEC is close to reaching an agreement to extend the production cut deal beyond June, al-Falih said on Friday from Russian Federation, adding that the sticking point is now to calibrate the cuts with the non-OPEC group of producers led by Moscow.
At 485.5 million barrels, US commercial stocks were at their highest since July 2017 and about 8% above the five-year average for this time of year, the EIA said. And the joint OPEC+ meeting is scheduled in early July.
Oil prices fell more than 1 percent on Wednesday, weighed down by a weaker oil demand outlook and a rise in United States crude inventories despite growing expectations of ongoing OPEC-led supply cuts.
"There's no doubt that the current situation on the global oil markets, which has begun to show volatility once again, makes Saudi-Russian cooperation more important", Al-Falih said Monday.
Falih told TASS in an interview Saudi Aramco was also studying Russian energy giants Rosneft and Gazprom's LNG projects and that Saudi Arabia might be interested in investing in Russian petrochemical company Sibur.