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Russia is in support of keeping the oil output of the OPEC+ steady from April to May while seeking a small output increase in May for itself, Reuters reported on Monday, citing a source familiar with the matter.  

Last week,  “I won’t be surprised to hear the view that it is better to be cautious and not add more supply yet,” an OPEC+ source told Reuters.

Market reaction

Crude oil prices extended the rebound from session lows following these comments and the barrel of West Texas Intermediate was last seen trading flat on the day at 60.80.