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In an interview with Arabiya TV on Thursday, Saudi Arabia’s energy minister said all options, including further oil output cuts, will be on the table at the next OPEC+ meeting, per Reuters.

Market reaction

Crude oil’s reaction was relatively muted to this comment with the barrel of West Texas Intermediate (WTI) trading at $55.60, erasing 0.75% on a daily basis ahead of the Energy Information Administration’s (EIA) weekly crude oil stock report. In the meantime, the barrel of Brent was erasing 0.83% on the day at $62.10.