Oil prices surged higher on Tuesday following reports that ongoing talks between OPEC and its allies, known as OPEC+, remain possible.

Speaking to reporters Tuesday, Russian Energy Minister Alexander Novak said that Moscow had not ruled out measures with OPEC to stabilize oil markets, according to Interfax news agency, quoted by CNBC.

Russia’s energy ministry has proposed to hold a meeting with Russian oil companies on Wednesday, Reuters reported, citing two unnamed sources. They are expected to discuss whether to prolong Russia’s alliance with OPEC.

International benchmark Brent crude gained $3.41, or 9.9%, to trade at $37.73 per barrel, while U.S. West Texas Intermediate futures were up 9.5% to trade at $34.08 per barrel. Earlier in the session WTI surged more than 10%.

Prices rebounded following Monday’s plunge, which saw WTI and Brent drop 24% for their worst decline since 1991.