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The crude oil output cut deal reached by OPEC and non-OPEC producers (OPEC+) has already helped stabilize oil prices, Kremlin said in a statement on Thursday, as reported by Reuters.

The statement further revealed that Russian President Putin and his American counterpart Trump had a phone conversation on the matter and that they both welcomed the deal.

Market reaction

Crude oil prices paid little to no mind to these remarks. As of writing, the barrel of West Texas Intermediate (WTI) was up 6% on the day at $27.