Russian Official: Not planning to boost oil output amid oversupply - Bloomberg

Dhwani Mehta FXStreet

Russia is not planning to boost oil output amid oversupply, according to a Russian government official, cited by Bloomberg.

He added that Russia is not holding oil talks with Saudi Arabia yet.

The headlines could likely offer some respite to the oil bulls, who have seen the black gold crash nearly 66% since early January.

Late Tuesday, US President Donald Trump said that he raised the issue of oil prices during his telephonic interview with his Russian counterpart Vladimir Putin. Trump also said that he spoke with the Saudi crown prince.

Oil reaction

WTI sheds over 1% to trade just above the $20 mark, unable to cheer the above headlines.

Crude Oil Futures: Further decline not ruled out

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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