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BREAKING: Oil jumps 1% as Russia extends output cuts until July

3:40 PM 21 March 2023

Alexander Novak, Russian deputy prime minister for fuel energy complex, said that the 500k barrels per day oil output cut that was ordered for March will remain in force through June. Novak said that production has not been slashed by the announced half a million barrels yet but Russia is close to achieving this target cut.

Brent (OIL) and WTI (OIL.WTI) ticked higher on the news. Oil prices jumped around 1% after Novak's comments hit headlines. 

OIL at 5-minute interval. Source: xStation5

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