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Russian energy minister Alexander Novak noted on Thursday that they haven’t yet made any decisions on possible changes to the OPEC+ oil output cut deal.

“According to the current deal, we will see the easing of oil cuts from August,” Novak added and reiterated that a second wave of coronavirus could hurt the global oil demand. “Hopefully, the global oil market will reach balance or shortage in July.”

Market reaction

Crude oil prices edged slightly lower on these comments. As of writing, the barrel of West Texas Intermediate was trading at $40.05, still adding 0.85% on a daily basis.