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Commenting on the Wall Street Journal report claiming that Saudi Arabia was considering a break from the OPEC+ alliance, Saudi Energy Minister Prince Abdulaziz bin Salman said it was “absurd and utter nonsense.”

“We will continue to act in a collective manner,” the minister told Reuters. “Saudi Arabia is in continuous communication and dialogue with all OPEC and OPEC+ partners.”

Crude oil reaction

The West Texas Intermediate (WTI) recovered slightly from daily lows after these comments and was last seen trading at $53, where it was still down 1.25% on the day.