An increase of 500,000 barrels a day was widely expected, however, Saudi Arabia agreed to maintain a voluntary 1 million barrels per day cut despite calls from some smaller producers to allow a modest loosening.
The news came amid fears of a rise in interest rates and a continued rotation out of growth stocks into the likes of industrials.
In the latest trading session, BP (BP) closed at $26.03, marking a +1.76% move from the previous day.