UAE energy minister: Too early to say if OPEC will intensify any oil cuts

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The energy minister of the United Arab Emirates crossed the wires in the last minutes, arguing that it is too early to say if the Organization of the Petroleum Exporting Countries (OPEC) will “intensify” oil output cuts, as reported by Reuters.

“OPEC compliance with oil output cuts is increasing,” the minister further noted.

Crude oil prices largely ignored these comments and the barrel of West Texas Intermediate (WTI) was last seen trading at $57.10, adding 0.23% on a daily basis.

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