Bloomberg quotes a person familiar with the Russian thinking, as saying that Russia is mulling proposing that the OPEC and non-OPEC producers return oil output to October 2016 levels.
This comes a week before the June 22nd OPEC Vienna meeting.
Russia plans to propose that OPEC and its allies be allowed to return production to October 2016 levels.
Rolling back most but not all of their output cuts within three months.
Both crude benchmarks are seen running through fresh offers on the above headlines, with WTI now back below the $ 66 mark while Brent dips to lows at $ 75.60, down -0.35% on the day.
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