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Russia is not yet ready to announce its position on the OPEC+ actions in relation to the new coronavirus outbreak, Russia’s Energy Minister Alexander Novak said on Thursday, as reported by Russian news agency TASS.

Novak argued that they need more time to assess the impact of the coronavirus on the oil market and added that it’s premature to talk about any OPEC+ decision on oil output cuts.

Crude oil reaction

The barrel of West Texas Intermediate continues to erase its daily gains after these comments and was last seen trading at $51.20, adding 0.15% on the day.