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Crude Trades Higher After Novak Suggests Cut to Russian Output


Crude markets tick higher after comments from Russia’s Deputy Prime Minister Alexander Novak.

  • He said that Russia plans to cut March output by 500kbpd to improve the market situation. Novak once again confirmed that Russia won’t comply with any western price caps.
  • Brent APR 23 up 0.9% at 85.24$/bbl
  • WTI MAR 23 up 0.7% at 78.59$/bbl
  • Brent APR 23-MAY 23 up 0.03$/bbl at 0.47$/bbl
  • Brent JUN 23-DEC 23 up 0.15$/bbl at 3.1$/bbl
  • Brent DEC 23-DEC 24 up 0.18$/bbl at 4.92$/bbl

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