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WTI & Brent currently trade $0.60 & $0.70.......>

OIL
OIL: WTI & Brent currently trade $0.60 & $0.70 above their respective settlement
levels.
- Thursday saw the crude benchmarks tick away from the fresh cycle lows printed
Wednesday, as WTI quickly moved out of bear market territory.
- Thursday saw Russian President Putin state that Russia & Saudi disagree over
the "fair price" of oil, noting that Saudi would prefer a higher price than
Russia. The two nations will continue their meetings over the coming days.
- Some Russian officials have expressed an openness to an OPEC+ production cut
extension, although the chiefs of Rosneft & Gazpromneft warned on the risks off
coming to a hurried deal.
- The Russian Energy Minister conceded that Russian energy production is likely
to edge higher post-June, after being constrained by the contamination issues
evident in the Druzhba pipeline in recent weeks. Elsewhere, the Iraqi oil
minister suggested that the OPEC+ agreement should be extended, even with the
country not adhering to the current production constraints.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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