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While speaking before media at Brazil, Russia, India, China and South Africa (BRICS) Summit in Brazil late-Thursday, Russian President Vladimir Putin  said that Russia should continue to work with OPEC, adding that cooperation should not only be on oil production cuts, per Reuters.

Additional Comments:

“We have really constructive dialogue with OPEC.”

“We understand that the tough stance, including from our friends from Saudi Arabia, is linked to the Saudi Aramco IPO. Everybody understands this. It’s an open secret.”

Meanwhile, both crude benchmarks trade modestly flat, with WTI flirting with the 57 handle. Brent trades below 62.50 levels.

  • WTI testing offers near $ 57 amid trade optimism, ahead of US data