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Russian Deputy Prime Minister Alexander Novak said on Friday that OPEC+ producers will gradually restore the oil output in May and July, Reuters reported, citing Interfax news agency.

“Russia’s energy ministry is ready to support export curbs on oil products to support the domestic market,” Novak added.

Market reaction

Crude oil prices edged modestly lower following these comments. As of writing, the barrel of West Texas Intermediate, which touched a four-week high of $63.85 earlier in the day, was trading flat on the day at $63.30.

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