
Oil rises after Russia's Novak says OPEC+ may reverse output hike after April
Oil prices extended gains on Friday, rising more than $1 a barrel, after Russia's Deputy Prime Minister Alexander Novak said OPEC+ may reverse its oil output hike after April if needed.
Novak told reporters that the producer group will go ahead with the April increase, but after that it may consider other steps.
«I there is an imbalance in the market. We can always play in the other direction,» he said.
Brent crude futures rose $1.18, or 1.70%, to $70.64 a barrel by 1123 GMT. U.S. West Texas Intermediate futures rose $1.11, or 1.67%, to $67.47 a barrel.
«When examining the global oil balance, OPEC+ must have deemed in its assessment that it was sufficiently constructive that the oil market could absorb extra barrels without undue negative influence on the price… so far it seems the price action has proved them wrong,» Harry Tchilinguirian at Onyx Capital Group said.
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