Kremlin: Still expecting output cut deal to have effect on prices

Commenting on falling crude oil prices, Kremlin noted the global output deal was not yet being implemented, as reported by Reuters.

Kremlin added that it was still expecting the OPEC+ output cut deal to have an impact on prices and reiterated that it was closely monitoring the crude oil market.

Market reaction

Crude oil prices continue to push lower on Friday. As of writing, the barrel of West Texas Intermediate (WTI) was trading at its lowest level since February of 2002 at $18.60, erasing nearly 6% on a daily basis.