10/23, 3:23 PM (Source: TeleTrader)
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Crude edges up as Putin hints output cuts extension

Oil prices traded higher on Friday as investor optimism over oil markets' recovery from the coronavirus crisis went up following Russian President Vladimir Putin's remarks on crude production cuts agreed under the OPEC+.

According to him, Moscow doesn't "rule out that we can either keep the existing restrictions on production, not remove them as quickly as we envisaged to do it earlier," adding that Russia could "maybe" accept further reduction as well.

West Texas Intermediate (WTI) for settlements in December added 0.34% at 9:11 am ET, trading for $40.78 per barrel. A minute later, Brent for the same month's delivery gained 0.31% to go for $42.61 per barrel.

Breaking the News / GA