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2/7, 3:29 PM (Source: TeleTrader)
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Oil declines with Russia undecided on deeper output cuts

Oil futures traded lower on Friday on the uncertainty regarding OPEC and other major producers imposing larger output cuts to tackle the impact of the coronavirus.

Russia reportedly rejected a proposal by a technical panel that advises OPEC+ to deepen production cuts by 600,000 barrels per day in response to the virus with Russian Energy Minister Alexander Novak stressing the country needs to more time to make a decision which will "maybe" be revealed next week. Meanwhile, investors are awaiting the United States weekly rig count set to be released later in the day by Baker Hughes.

Brent for April delivery fell 0.76% to sell for $54.49 per barrel at 9:15 am ET and West Texas Intermediate (WTI) for settlements in March slid 1.18% to go for $50.32 per barrel at 9:16 am ET.

Breaking the News / NP