Following the OPEC and its allies (OPEC+) output cut decision, Kuwait’s acting Oil Minister Mohammed Al-Fares said that the move by the alliance will have positive ramifications on the oil markets.

Additional quotes

“The decision places a big responsibility on us to follow up on market developments in case supply or output increases,” 

 “OPEC+ works to serve the global economy, not threaten it.”

Market reaction

WTI was last seen trading at $86.95, down 0.53% on the day. The US oil fails to find any support from the above comments amid the ongoing pullback from three-week highs.