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The voluntary reduction in the oil output won’t be extended,  Saudi Arabia’s energy minister Prince Abdulaziz bin Salman told a press conference on Monday, as reported by Reuters.

“Deeper voluntary cuts by gulf OPEC have served their purpose,” bin Salman added and reiterated that they have to be vigilant on inventories.

Market reaction

Crude oil prices edged lower following these comments. As of writing, the barrel of West Texas Intermediate, which peaked above $40 earlier in the day, was trading at $39.65, still gaining 1.5% on a daily basis.

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