Russian President Vladimir Putin has no immediate plans to contact Saudi Arabia over falling oil prices, Reuters reported, citing Kremlin spokesman Dmitry Peskov.
This month’s agreement between the Organization of Petroleum Exporting Countries (OPEC) and other leading oil producers to cut oil output in order to support oil prices may have “a lagging impact” on the market, he added.
Oil prices, which have been on a downslide in recent months, posted their biggest gain on Wednesday since 2016, as Brent crude futures rose nine percent to close just below $55 while WTI crude futures surged 8.7 percent to $46.22 a barrel.
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