SEE MORE: Supply Still a Problem for Oil ETFs

Looking ahead, Putin hoped OPEC would agree in November to limit crude oil production and promised Russia was ready to back such a decision.

“We support OPEC’s recent initiative to cap output and think that at the OPEC meeting in November this idea will materialize in a specific agreement, giving a positive signal to the markets and investors,” Putin added.

Energy stocks also rallied on expectations of higher oil prices in light of potential production cuts.

SEE MORE: Energy ETFs May Be Seeing Clearer Skies Ahead

“The gains today could be because Putin has said that he’s willing to reduce output and freeze production,” John Conlon, the chief equity strategist at People’s United Wealth Management, told Bloomberg.

For more information on the crude oil market, visit our oil category.

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