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Russia will only agree to extend the existing OPEC+ oil output cuts and won’t back additional output cuts, Reuters reported on Friday, citing a high-level Russian source familiar with the matter. “Rıssia’s position won’t change,” the source told Reuters.

Crude oil reaction

With the initial market reaction, crude oil prices came under heavy selling pressure and the barrel of West Texas Intermediate was last seen trading at its lowest level since December 2018 at $43.90, erasing 4.5% on a daily basis.