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Oil Trading Near Post Recession Highs As OPEC+ Keeps Production Deal In Place, Russia Says Market Still Fragile

Image by Vanjakom

Crude oil recently hit post-recession highs as the global Chinese coronavirus lockdown weakened and economic activity picked up across the world.

“April 2020 was probably the worst month for the oil market,” Russian Energy Minister Alexander Novak said on June 6th. “Gradual easing of quarantine measures and a partial recovery of the economy have led to a growing oil demand. We can see a positive effect from the joint efforts to cut production.”

“Nevertheless, it is worth mentioning that the market is still fragile and needs support. That is why today, in my opinion, it is more important than ever to implement 100% of the commitments taken by all the participating countries,” the minister stressed.

Earlier in the day, 13 members of the Organization of the Petroleum Exporting Countries (OPEC) held a meeting to agree the extension of current oil output cuts (9.7 million barrels in May-June) until the end of July, reported Russian state news agency TASS.

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