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The OPEC+ output cut deal is definitely effective and it’s helping to avoid a negative scenario on oil markets, a Kremlin spokesperson said on Tuesday, as reported by Reuters.

When asked if additional efforts were needed, the spokesperson noted that the participants of the OPEC+ deal will look at how the situation develops.

Market reaction

Crude oil prices paid little to no mind to these comments. As of writing, the barrel of West Texas Intermediate (WTI) was trading at $34.05, adding 1.05% on a daily basis.