Oil jumps after Russia abandonds plans for output hike

Both Crude and Brent oil jumped almost 4% after Russia announced they will abandond plans for output hike next month. Russia was scheduled to increase their output to 500,000 barrels per day from previous OPEC meeting, however Saudi Arabia was against it as new Covid cases are forcing governemnts for more lockdowns and they dont want to end up like in spring, after 2 days of arguing Russia gave up and will stay at current level. (Smith)

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