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Russia has not received a proposal from OPEC to jointly cut the oil production by one million barrels per day, Russia’s Energy Minister Alexander Novak said on Monday.

“Russia is evaluating the earlier proposal made by OPEC+ technical committee,” Novak added.

Oil reaction

These comments were largely ignored by the market participants. The barrel of West Texas Intermediate (WTI), which advanced to a daily high of $46.70 earlier in the session, was last seen trading at $45.50, where it was still up 0.35% on a daily basis.