Oil nudges up as Russia's Novak says OPEC+ may reverse oil output hike if necessary

  • Novak casts some doubt on how long the planned oil output hike in April may last

Novak said that while OPEC+ has agreed to start increasing production from April, they could still reverse the decision afterwards if there are market imbalances. From the man himself: "If there is an imbalance in the market, we can always play in the other direction." A timely bounce for oil after testing the September lows earlier this week?

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WTI crude oil daily chart

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