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The OPEC+ ministerial panel on Wednesday concluded without an agreement as Russia continues to resist deeper oil production cuts, Reuters reported, citing sources familiar with the matter.

“Russia wants an extension of existing oil cuts only until the end of the second quarter,” sources told Reuters. “Some OPEC members want new cuts of 1-1.5 million barrels per day.”

WTI extends slide

The barrel of West Texas Intermediate (WTI) pushed lower on this development and was last seen trading at $46.75, erasing 0.75% on a daily basis.