Russian Deputy Prime Minister Alexander Novak said on Friday, “Russia may cut oil output by 5-7% in early 2023 as it responds to western price caps.”

“Russia may cut Oil output by 500,000-700,000 barrels per day,” reported TASS.

Earlier in the day, Reuters unveiled hopes of a cut in Russian Russia's Baltic oil exports and triggered the rebound in the WTI crude oil prices. “Russia's Baltic oil exports could fall by 20% in December from the previous month after the European Union and G7 nations imposed sanctions and a price cap on Russian crude from Dec. 5, according to traders and Reuters calculation,” said the news.

Also underpinning the WTI crude oil rebound could be the risk-positive headlines from China, as well as the US Dollar’s retreat ahead of the key data.

That said, the WTI crude oil prints mild gains around $78.30 after reversing from a three-week high the previous day.

Also read: WTI Price Analysis: Bears take on key support